如何管好超90万亿政府债务形成的资产？

Core Viewpoint - The management of government debt and the assets formed from this debt in China is crucial, as the total government debt has exceeded 90 trillion yuan. The recent report from the National People's Congress highlights the need for improved asset management related to government debt [3]. Group 1: Current Issues in Asset Management - A significant amount of government debt has resulted in substantial state-owned assets, such as infrastructure, but there are shortcomings in asset management, leading to inefficiencies and wasted resources [5][6]. - Many local governments focus heavily on obtaining debt and initiating construction projects, neglecting the management of these assets post-completion, resulting in idle or wasted assets [6]. - Reports from various provinces indicate that many projects funded by special bonds are either not operational or underutilized, with significant amounts of investment left unproductive [6][7]. Group 2: Recommendations for Improvement - The Ministry of Finance has introduced new regulations to enhance the accounting and management of special bond projects, aiming to improve the efficiency of fund usage and asset management [9]. - Experts suggest conducting a comprehensive audit of assets formed from government debt and establishing a unified national asset ledger to ensure accountability and clarity regarding asset management [9][10]. - There is a call for improved lifecycle management of government investment projects, linking asset operation revenues directly to debt repayment to encourage better asset management practices [10][11]. Group 3: Current Debt and Asset Statistics - As of the end of 2024, the total government debt in China is projected to be 92.6 trillion yuan, with a debt-to-GDP ratio of 68.7%, which is considered manageable compared to the G20 average [11]. - The total value of state-owned assets is reported to be 64.2 trillion yuan, with liabilities of 12.8 trillion yuan, indicating a net asset value of 51.4 trillion yuan [12].