地方政府融资平台加快出清，数量压降已超七成

Core Viewpoint - The article discusses the significant reduction in the number of local government financing platform companies in China, which has decreased by over 70% in just two and a half years, as part of a broader effort to mitigate hidden debt risks associated with local governments [3][4]. Group 1: Reduction of Financing Platforms - As of September 2025, the number of financing platforms and the scale of operating financial debt have decreased by 71% and 62% respectively compared to March 2023 [3]. - The rapid reduction of local government financing platforms is crucial for preventing local government debt risks and ensuring national fiscal security [4]. Group 2: Historical Context and Policy Changes - Local government financing platforms emerged to fulfill financing roles for public projects due to the lack of legal authority for local governments to issue bonds before the new budget law in 2015 [5]. - The implementation of the new budget law allowed local governments to issue bonds, leading to the necessity for many financing platforms to exit the market [5][6]. Group 3: Debt Management Policies - In July 2023, the central government announced a comprehensive debt resolution plan, allocating over 2.2 trillion yuan for local governments to address existing debt risks [6]. - By the end of 2023, the hidden debt included in the government debt information platform had decreased by 50% compared to the baseline established in 2018 [6]. Group 4: Future Outlook - The central government's plan aims to replace 10 trillion yuan of hidden debt with government bonds from 2024 to 2028, with over 5 trillion yuan already issued [6][7]. - The goal is to complete the cleanup of local government financing platforms by the end of 2028, with platforms that have no public service function being dissolved and those with industrial operations transitioning to general state-owned enterprises [7][8].