从政府报告看江苏化债：阶段性成效显著，重点关注经营性债务化解与长效债务管理机制构建

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Since 2024, Jiangsu Province has made significant phased achievements in debt reduction, including large - scale clearance of financing platforms, zeroing out of implicit debts in many places, significant cost reduction, and innovation in building a debt management system, providing a replicable "Jiangsu Plan" for national local government debt risk prevention and control [4] - The central government's deployment in 2026 signals an overall expansion of the debt reduction scope, a shift in governance logic towards marketization and long - term effectiveness, and an acceleration of platform transformation. Jiangsu's debt risk prevention and resolution work is transitioning from phased "attack and zero - clearing" to normalized "long - term governance" [10] - While Jiangsu has achieved remarkable results in debt reduction, it still faces deep - seated problems such as the need to refine post - clearance management of financing platforms, strengthen the control of new implicit debt sources, improve the efficiency of non - operating asset revitalization, and pay attention to the market risks in the transformation of urban investment enterprises and the construction of long - term debt management mechanisms [16] Group 3: Summary by Relevant Catalogs 1. Jiangsu Province's Debt Reduction Achievements - Policy implementation and quota acquisition: Jiangsu strictly implemented the "6 + 4+ 2" incremental debt reduction measures, obtaining an implicit debt replacement quota of 753.3 billion yuan, accounting for 12.56% of the national total, ranking first in the country. Many places achieved significant results in implicit debt reduction, such as Xuzhou achieving zero implicit debt in 2024 and Lianyungang's implicit debt balance decreasing by 31.5% in 2025 compared to 2024 [4] - Cost reduction and platform clearance: Through measures such as bank loan replacement of high - interest non - standard debts and expansion of government - supported financing guarantee coverage, the comprehensive financing cost was continuously reduced. As of January 2026, 984 financing platforms had been withdrawn in the province, with over 300 withdrawn in 2025 alone, leading the country [5] - Asset inventory and platform transformation: A comprehensive inventory of state - owned assets was carried out, with assets of 488 trillion yuan inventoried and earnings of 115 billion yuan obtained. Various forms were adopted to promote the market - oriented transformation of urban investment enterprises and enhance their self - hematopoietic function [5] - System innovation and mechanism improvement: Jiangsu built a "1315" debt management system, implemented closed - loop management of debt "borrowing, use, management, and repayment", and promoted "one - policy - for - one - household" precise governance, providing a solid institutional support for debt reduction [6] 2. Next - Stage Work Priorities - Addressing operating debt risks and promoting market - oriented transformation: Jiangsu has formed a full - scale debt reduction plan covering government debts, implicit debts, and operating debts of financing platforms since 2024. In the next stage, urban investment enterprises will take on more functions related to investment promotion and industrial development, and use market - based financing tools to revitalize assets and achieve market - oriented transformation [11] - Building a long - term government debt management mechanism and strengthening source control: In 2026, debt reduction work will focus on mechanism improvement and source control, shifting from scale reduction to structure optimization and from phased tasks to normalized system building. The 13 cities in Jiangsu have different work focuses in line with regional characteristics [12][15] 3. Key Areas of Future Attention - Although Jiangsu has achieved significant results in debt reduction, it still needs to address deep - seated issues such as the follow - up management of assets, debts, and personnel after the clearance of financing platforms, strict control of new implicit debts, improvement of non - operating asset revitalization efficiency, and attention to market risks in the transformation of urban investment enterprises and the construction of long - term debt management mechanisms [16]