财政发力系列研究之三：债务限额和债务余额的关系是怎样的？

Group 1: Government Debt Overview - As of the end of 2023, the total legal government debt balance in China reached 70.77 trillion yuan, comprising 30.03 trillion yuan in national debt and 40.74 trillion yuan in local government debt[3] - The national debt balance includes 29.70 trillion yuan in domestic debt and 334.6 billion yuan in foreign debt[3] - Local government debt consists of 15.87 trillion yuan in general debt and 24.87 trillion yuan in special debt[3] Group 2: Debt Limit Management - The debt limit management system was established to ensure that the debt balance does not exceed the limits approved by the National People's Congress[2] - By the end of 2023, the national debt balance was within the approved limit of 30.86 trillion yuan, while local government debt was within the limit of 42.17 trillion yuan[3] - The local government debt limit is allocated in a tiered manner, starting from the State Council to the Ministry of Finance, and then to local governments[4] Group 3: Debt Space and Issuance - As of August 2024, the local government debt balance was 43.63 trillion yuan, with a remaining space of 9.05 billion yuan for general debt and 22.52 billion yuan for special debt[7] - In the first eight months of 2024, new local government bonds issued totaled 3.09 trillion yuan, including 513.3 billion yuan in general bonds and 2.58 trillion yuan in special bonds[7] - The issuance of special refinancing bonds is based on unused portions of local government debt limits, allowing for flexibility in managing regional debt needs[10]