城投随笔系列:财政部再提隐债,几点关注
Minsheng Securities·2025-04-28 09:20
- Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - As of April 28, 2025, the Ministry of Finance has issued five notifications on typical cases of accountability for local government implicit debt, with the latest on April 18, 2025, which expanded the scope of investigations and emphasized a zero - tolerance attitude [1][9]. - The violation cases mainly involve two types: new implicit debt and false debt resolution, with new implicit debt being the dominant form. Provinces such as Jiangxi, Henan, and Anhui have more reported cases [3][18]. - By analyzing the similarities and differences in the general and summary paragraphs of the five notifications, the evolution of implicit debt supervision logic can be understood [1][10]. 3. Summary by Relevant Catalogs 3.1. Previous Ministry of Finance Notifications on Implicit Debt Accountability - Notification Times: There were five notifications in total. In 2022, there were two (May 18 and July 29), and one each in 2023 (November 6), 2024 (September 19), and 2025 (April 18) [1][9]. - General Paragraph Similarities: All notifications are based on the requirements of the Party Central Committee and the State Council for "lifelong accountability and retroactive investigation" of implicit debt issues, focus on new implicit debt and false debt resolution, and aim to deter through case notifications [10]. - General Paragraph Differences: - 2025.4.18: Expanded the scope of investigations to three types, added a zero - tolerance statement, and had a broader timeframe for case investigations [2][11]. - 2024.9.19: Quoted the spirit of the Third Plenary Session of the 20th CPC Central Committee and had a more time - sensitive case selection [11]. - 2023.11.6: Investigated cases since 2022 [12]. - 2022.7.29: Focused on financing platform companies' illegal financing [12]. - 2022.5.18: Had a unique "set an example" statement [12]. - Summary Paragraph Differences: - 2025.4.18: Emphasized political stance, elevated debt resolution to an important political task, added cross - departmental joint punishment, and proposed preventing repeated debt [14]. - 2024.9.19: Similar to the 2023 notification [15]. - 2023.11.6: Changed the statement to "effectively improve the political stance" [16]. - 2022.7.29: Targeted financing platform companies for strict control [16]. - 2022.5.18: Mentioned the economic situation and proposed a pressure - transmission management mechanism [16]. 3.2. Concerns in Notified Cases - Violation Types and Regional Distribution: Violation cases mainly revolve around new implicit debt and false debt resolution, with new implicit debt being more prevalent. Jiangxi, Henan, and Anhui have more cases, and false debt resolution cases are mainly in Jiangxi, Jilin, Anhui, Inner Mongolia, and Hunan [3][18]. - Forms of New Implicit Debt: - Borrowing or advancing funds through state - owned enterprises, public hospitals, schools, etc. for projects that should be funded by the fiscal budget [24][25]. - Directly borrowing from or occupying funds of local state - owned enterprises [27]. - Illegal financing by financing platforms through fiscal guarantees, government commitment letters, or collateral of public welfare assets [28][29]. - Promising minimum returns, repurchasing principal and interest of social capital, and other illegal PPP project packaging [30]. - Forms of False Debt Resolution: - Using state - owned enterprises to finance and repay implicit debt while wrongly recording it as debt resolution [31]. - Changing contract amounts as debt resolution [32][33].