详解湖北国有“三资”改革：地方如何重获“资金自由”？

Group 1: Overview of Hubei's State-Owned "Three Assets" Reform - Hubei's reform focuses on three principles: assetization of state resources, securitization of state assets, and leveraging state funds[3] - The reform aims to alleviate debt pressure and reduce reliance on land finance, with a focus on transforming government investment[3] - The reform is led by the finance department, emphasizing the construction of a "big fiscal system" to enhance asset liquidity and support local development[7] Group 2: Key Details and Progress of the Reform - The reform targets six types of state resources, five types of state assets, and two types of state funds[7] - As of October 2025, Hubei's asset-backed securities (ABS) issuance increased by 47.4% in project numbers and 29.8% in issuance amount compared to the previous year, totaling 287.9 billion[46] - The reform's current focus is on asset confirmation and valuation, with significant pilot projects underway[39] Group 3: Implications for Local Economic Transformation - The Hubei model is seen as a potential starting point for local economic transformation across China, aiming for "funds freedom" and "project freedom"[10] - The reform is expected to facilitate the transition from old economic models to new growth drivers by utilizing existing assets[10] - Hubei's wide-ranging debt pressure, ranking third in broad debt ratio among provinces, necessitates innovative financing solutions[23][25]