国研中心陈道富：盘活存量资产愈发重要 应优化当前债务置换重组

Core Viewpoint - The focus of the discussion is on the necessity of revitalizing existing assets and managing debt effectively in the context of China's economic transformation, particularly emphasizing the shift towards equity financing for emerging industries like the digital economy [1][2][3]. Group 1: Debt and Asset Management - China's debt structure heavily relies on state credit and real estate collateral, with significant burdens in three main areas: local government financing for public utilities and infrastructure, real estate market adjustments, and debts from "zombie" enterprises [1][2]. - The current debt burden is a legacy issue, necessitating a shift towards equity funding for new industries, especially in the digital economy, which requires substantial investment due to its transformative nature [2][3]. Group 2: Revitalization Strategies - The revitalization of existing assets is a key focus for the "15th Five-Year Plan," with three main strategies: debt restructuring, enhancing asset management and governance, and isolating asset-liability cycles to facilitate resource reallocation [3]. - The need for market-oriented reforms in public utility pricing is highlighted, aiming to ensure the sustainability of services while improving operational efficiency and reducing unnecessary negative cash flows [3].