2024年11月8日全国人大常委会新闻发布会点评：化债工作思路转变，财政更加积极

Debt Management Strategy - The National People's Congress approved a resolution to increase local government debt replacement by 6 trillion yuan, raising the debt limit from 29.52 trillion yuan to 35.52 trillion yuan by the end of 2024[1] - The new debt management strategy aims to reduce hidden local government debt from 14.3 trillion yuan to 2.3 trillion yuan by 2028, significantly lowering the annual debt reduction pressure from 2.86 trillion yuan to 460 billion yuan[1] - The plan includes three key policies: annual allocation of 800 billion yuan from new local government bonds for five years, the approved 6 trillion yuan debt limit, and the repayment of 2 trillion yuan in hidden debts from 2029 onwards[1] Fiscal Policy Implications - The new debt limit will be fully allocated for special bonds, facilitating operations and expediting policy effects, with 2 trillion yuan allocated annually from 2024 to 2026[1] - The restructuring is expected to save approximately 600 billion yuan in interest payments over five years due to lower statutory debt rates compared to hidden debt rates[1] - The government has significant room for further borrowing, with a debt-to-GDP ratio of 67.5%, which is lower than the G20 average of 118.2%[4] Economic Development Support - The debt replacement plan is designed to alleviate local governments' financial burdens, allowing them to redirect resources towards development and improving public welfare[1] - The strategy aims to enhance investment and consumption, support technological innovation, and promote stable economic growth and structural adjustments[1] - The government will implement a more proactive fiscal policy next year, including increasing the issuance of special bonds and expanding investment in key areas such as technology and public welfare[4] Regulatory Measures - The government will maintain a "zero tolerance" approach to new hidden debts, enhancing monitoring and regulatory measures to prevent illegal borrowing[4] - A comprehensive monitoring system will be established to track local government debt and ensure compliance with budgetary constraints[4] - Strict accountability measures will be enforced for local governments that engage in unauthorized borrowing practices[4]