地方政府债与城投行业监测周报2025年第46期：中央强调化解融资平台经营性债务风险，吉林官宣已达到“退平台”标准-20251222

1. Core Views - The Central Economic Work Conference emphasized addressing local fiscal difficulties, with a focus on the "three guarantees" at the grass - roots level. It was proposed to maintain a deficit rate above 4% in 2026, with a general fiscal expenditure scale of about 15 trillion yuan. The management of local government special bonds was optimized, and the operational debts of financing platforms became the focus of debt resolution [6][9][11]. - Jilin Province announced that it had reached the standard to exit the list of key provinces for local debt. Liaoning Province aimed to build a closed - loop debt management system to promote effective debt resolution [15][16]. - This week, 8 urban investment companies declared themselves as market - oriented operating entities or exited the financing platform list. 25 urban investment companies prepaid bond principal and interest, and 1 urban investment bond was cancelled for issuance [18][22][23]. 2. News Comment Central Economic Work Conference - First, it was the first time to mention "addressing local fiscal difficulties" and ensuring the "three guarantees" at the grass - roots level. The contradiction between revenue reduction and expenditure increase was prominent, especially at the grass - roots level. It was necessary to increase transfer payments from the central government, optimize the transfer payment structure, and enhance local independent financial resources [9]. - Second, the positive fiscal policy was continued, with a focus on both total force and structural optimization. It was recommended that the deficit rate in 2026 be maintained above 4%, the general fiscal expenditure scale be about 15 trillion yuan, and the total scale of new government debt be increased to 14.8 - 15.5 trillion yuan. The structure of fiscal expenditure should be optimized [10][11]. - Third, the management of the use of local government special bonds was optimized, and the efficiency and quality of the "negative list" management were improved. Attention should be paid to the quality and comprehensive benefits of investment [12]. - Fourth, the operational debts of financing platforms became the focus of debt resolution. It was necessary to classify and handle debts, optimize debt restructuring and replacement methods, and establish a risk - sharing mechanism [13][14]. Jilin and Liaoning's Debt Management - Jilin Province announced reaching the standard to exit the list of key provinces for local debt, aiming to build a long - term government debt management mechanism and promote state - owned enterprise reform [15]. - Liaoning Province aimed to build a closed - loop debt management system, accelerate the resolution of implicit debts and the reform and transformation of financing platforms, and strictly prevent the increase of implicit debts [16]. Urban Investment Companies' "Exit from Platform" - This week, 8 urban investment companies declared themselves as market - oriented operating entities or exited the financing platform list. Since October 2023, a total of 963 companies have made such declarations, mainly in eastern provinces, with AA + as the main credit rating [18]. Prepayment and Cancellation of Urban Investment Bonds - 25 urban investment companies prepaid bond principal and interest this week, involving 26 bonds with a total scale of 31.57 billion yuan. One urban investment bond, "25 Chuanfa MTN003 (Hybrid Science and Technology Innovation Bond)", was cancelled for issuance, with a planned issuance scale of 1 billion yuan [22][23]. 3. Bond Issuance Local Government Bonds - This week, the issuance and net financing scale of local government bonds increased. The special refinancing bonds for replacing implicit debts in 2025 have been fully issued. As of December 14, the cumulative issuance of new bonds reached 5296.432 billion yuan, completing 101.85% of the annual quota. The weighted average issuance term was 12.52 years, and the weighted average issuance rate was 2.08% [24][25][26]. Urban Investment Bonds - This week, the issuance scale of urban investment bonds decreased, while the net financing scale increased. The issuance rate and spread both increased. The overall issuance rate was 2.28%, and the issuance spread was 77.64BP. The issuance was mainly private placement bonds, with a 5 - year term as the main one, and the issuer's main credit rating was AA + [35]. 4. Bond Trading Fund Situation - This week, the central bank conducted 668.5 billion yuan of reverse repurchase operations in the open market, with 663.8 billion yuan of reverse repurchases maturing, resulting in a net investment of 4.7 billion yuan. Short - term capital interest rates mostly increased [39]. Bond Trading - The trading scale of local government bonds decreased by 2.40% to 496.486 billion yuan, and the trading scale of urban investment bonds increased by 16.79% to 316.22 billion yuan. The credit spreads of 1 - year, 3 - year, and 5 - year AA + urban investment bonds narrowed [41]. Abnormal Trading of Urban Investment Bonds - This week, 12 urban investment entities had 12 abnormal bond transactions. The number of entities, bonds, and abnormal transactions increased compared with last week [41]. 5. Important Announcements of Urban Investment Companies - This week, 76 urban investment companies announced changes in senior management, legal representatives, directors, supervisors, etc., changes in controlling shareholders and actual controllers, equity/asset transfers, and cumulative new borrowings [44].