财政部债务司成立 改变政府债务多头管理现状

Core Viewpoint - The establishment of the Debt Management Division within the Ministry of Finance is a significant optimization of China's government debt management system, addressing issues of multi-head management and enhancing efficiency in local fiscal management [1][5]. Group 1: Establishment and Structure - The Debt Management Division has been officially included in the Ministry of Finance's organizational structure, consisting of six departments: Comprehensive Department, Central Debt Department, Local Debt Department I, Local Debt Department II, Issuance and Payment Department, and Monitoring Management Department [2][3]. - The main responsibilities of the new division include formulating and executing domestic debt management policies, compiling debt balance limit plans, managing government debt issuance and repayment, and monitoring hidden debt risks [3][5]. Group 2: Historical Context and Significance - The establishment of the Debt Management Division is seen as a response to the challenges posed by fragmented debt management across various departments, which previously included the Budget Division, Treasury Division, Financial Division, and International Financial Cooperation Division [5][6]. - Experts believe that government debt has become a crucial part of the modern fiscal system, and the restructuring aims to enhance management efficiency and mitigate local debt risks [6]. Group 3: Current Debt Situation - As of the end of 2024, China's total government debt is projected to reach 92.6 trillion yuan, comprising 34.6 trillion yuan in national debt, 47.5 trillion yuan in legal local government debt, and 10.5 trillion yuan in hidden local government debt, with a government debt ratio of 68.7% [6].