热点思考 | “隐债问责” ，有何新变化？（申万宏观·赵伟团队）

Core Viewpoint - The article discusses the recent developments in the management of local government hidden debts in China, highlighting the increased accountability measures and the focus on grassroots government actions and project-related hidden debts [1][2][6]. Summary by Sections Hidden Debt Accountability Cases - Since the initiation of the new round of hidden debt resolution work in 2022, the Ministry of Finance has reported 44 typical cases of "hidden debt accountability," indicating a strengthened regulatory approach towards local hidden debts [2][12]. - The accountability cases are primarily concentrated in low-tier cities in central and western regions, with significant occurrences in provinces like Jiangxi, Henan, and Anhui [3][15]. Changes in 2025 Accountability Cases - The 2025 accountability cases show a shift towards focusing on grassroots government behavior and project-related hidden debts, reflecting a "penetrating" regulatory approach [4][17]. - The accountability cases in 2025 emphasize the actions of city, district, and county-level governments, with specific instances of accountability involving local industrial development committees [4][20]. New Directions for Hidden Debt - New hidden debt allocations in 2025 include funds for paying off loans for shantytown renovations and high-standard farmland improvement projects, indicating a trend of local governments resorting to hidden debts for project financing [5][23]. - The accountability measures reveal that local governments are increasingly using hidden debts to cover construction costs and repay existing debts, reflecting financial pressures on local budgets [7][23]. Reform Signals Behind Hidden Debt Accountability - The changes in hidden debt accountability cases signal a heightened emphasis on high-quality construction and strict regulation of new hidden debts, as highlighted in recent central government meetings [6][31]. - The accountability measures also point to the need for reform in the fiscal relationship between central and local governments, as local governments face pressures in maintaining basic financial obligations [7][38]. Fiscal System Reform - The article suggests that fiscal system reform is crucial for preventing hidden debts and addressing the competitive pressures faced by local governments, which have increasingly relied on high-tax industries and central subsidies [7][38].