从“攻坚化解”到“系统治理”，2025是地方债化债大年｜ 2025中国经济年报

Group 1 - The core viewpoint of the article highlights the significant progress in China's local debt resolution efforts, transitioning from a focus on tackling debt to a more systematic governance approach [1][2][3] - The special refinancing bonds aimed at replacing hidden debts have effectively reduced the scale of hidden debts and lowered financing costs, with local financing platforms accelerating their market-oriented transformation and exit [1][2] - As of the end of this year, the scale of local hidden debts is expected to decrease to approximately 6.5 to 7 trillion yuan, with further reductions anticipated in the following year [2][3] Group 2 - The debt structure of financing platforms has improved, with a notable decline in financing costs; as of June, bank loans accounted for 56.59% of the total interest-bearing liabilities of urban investment platforms, while bond financing decreased to 24.19% [2] - The central economic work conference emphasized the need to actively and steadily resolve local government debt risks, optimizing debt restructuring and replacement methods [5][7] - The article discusses the potential for new policies to support the transition of financing platforms, including the issuance of special bonds to alleviate funding pressures faced by banks involved in debt resolution [6]