中央首提地方经营性债务化解，债务规模居前的经济大省江、浙、鲁化债洞察专题报告

1. Report Industry Investment Rating There is no information provided in the content about the report industry investment rating, so this part is skipped. 2. Core Viewpoints of the Report - Since the new round of local government debt resolution started in July 2023, "fiscal debt resolution" and "financial debt resolution" have been used to achieve "halt increase and resolve stock". After two years of implementing the package debt - resolution policy, the Central Economic Work Conference in December 2025 first mentioned the resolution of local operating debts. [1][5] - Although the debt resolution of urban investment platforms has received strong policy support, at the micro - level, some regions in economically strong provinces still have to raise high - interest funds through overseas bonds and non - standard channels to maintain the capital chain, and the pressure to resolve operating debts in some regions still exists. It is expected that in 2026, based on the "Document No. 35", the debt - resolution effectiveness will be further consolidated. [4] 3. Summary According to Relevant Catalogs 3.1 Fiscal and Financial Debt Resolution across the Country - The third round of debt resolution started in July 2023. "Fiscal debt resolution" mainly uses local government bonds to replace implicit debts, and the funds come from the "6 + 4+2" debt - resolution funds. In financial debt resolution, banks have become the main channel of low - interest funds. [5] - Key provinces have seen a contraction in debt due to fiscal debt - resolution funds. Among non - key provinces, 15 out of 19 still have an increase in urban investment interest - bearing debts. In terms of debt structure, 22 provinces achieved a reduction in non - standard debt scale in 2024, and the bank loan scale of 7 provinces shrank. [6] 3.2 Debt Resolution in Jiangsu, Zhejiang, and Shandong 3.2.1 Special Bond Replacement - Jiangsu, Zhejiang, and Shandong have large debt scales and have obtained a relatively large amount of replacement bonds, but the coverage of the issued replacement bonds for local urban investment interest - bearing debts at the end of 2023 is low. The large - scale operating debts still need to be resolved through market - based methods. [15][16] 3.2.2 Bank Borrowing and Domestic Bond Financing - The growth rate of urban investment interest - bearing debts in the three provinces has declined, and the comprehensive financing cost has decreased. The financing structure has tilted towards bank loans. Jiangsu and Zhejiang attract more participation from state - owned large - scale banks and joint - stock banks, while Shandong relies more on policy - based banks. [18] - The issuance interest rate of urban investment bonds has declined, and the domestic bond financing cost of the three provinces has decreased. However, under the background of supply contraction, the new replacement space is limited. Jiangsu and Zhejiang have a net repayment of urban investment bonds, while Shandong's net financing scale of urban investment bonds decreased significantly in 2025. [24] 3.2.3 Non - standard and Overseas Bond Financing - In non - standard financing, Jiangsu's non - standard scale shows a "south increase and north decrease" pattern. Shandong has achieved significant results in clearing non - standard debts, but there are still high - interest non - standard products and default events in some areas. Zhejiang's non - standard debt has increased significantly, with high - quality areas and areas with high debt pressure having different situations. [30][31][33] - In overseas bond financing, Shandong has the highest net financing scale of overseas bonds in the country, with a prominent problem of high financing costs. Zhejiang's overseas bond financing turned to net repayment in 2025, and most cities' issuance costs are below 6%. Jiangsu's overseas bond financing is mainly concentrated in northern Jiangsu, with relatively low costs. [42][44] 3.3 Summary and Consideration - Jiangsu and Zhejiang are more favored by state - owned large - scale banks and joint - stock banks, and the proportion of bank funds in the financing structure has increased significantly. They also use non - standard and overseas bond financing channels. Shandong faces more prominent debt - resolution challenges, relying more on policy - based banks, and having problems such as high - cost overseas bond financing and local non - standard debt default. [54][55][56]