白重恩：我国要投资于改革 化解地方政府债务风险是重点领域

Group 1 - The core viewpoint is that during the 14th Five-Year Plan period, China should invest in reforms alongside investments in goods and people, as this can address short-term demand issues without increasing long-term fiscal burdens [1] - Successful past examples of reform investments include the banking sector reforms at the end of the last century and the beginning of this century, which involved significant measures to remove risks from the banking system [1] - New areas for reform investment include addressing local government debt while simultaneously reforming local finance and financing platforms [1] Group 2 - The fundamental approach to resolving local debt issues involves comprehensive reforms of local finance and financing platforms, ensuring that the alleviation of debt pressure does not lead to new debt issues due to systemic reasons [2] - Key strategies include deepening local fiscal system reforms to align fiscal rights and responsibilities, thereby reducing local governments' reliance on land and hidden debts [2] - Financing platforms must transition to market-oriented operations, with debt based solely on operational cash flow and market credit, completely separating from local government fiscal credit [2]