地方债务风险总体可控但隐患积聚，安徽财政厅五招破解

Core Viewpoint - The article emphasizes the importance of addressing local government debt risks during the "14th Five-Year Plan" period, highlighting that while the overall debt risk in Anhui Province is manageable, there are significant underlying issues that need attention [3][5]. Group 1: Debt Risk Analysis - Anhui's overall government debt risk is controllable, with a total debt balance of 1.85271 trillion yuan by the end of 2024, nearly double the 960 billion yuan from 2020, but still within the central government's approved limits [6][5]. - The average annual growth rate of total debt in Anhui over the past five years has significantly outpaced the growth rates of general public budget and government fund revenues, leading to increasing debt pressure [6][7]. - The province's land transfer income has decreased by approximately 44% from its peak in 2021, contributing to a substantial reduction in government financial capacity [7][6]. Group 2: Structural Issues - The debt structure in Anhui is deemed unreasonable, with over half of the debt attributed to platform companies and more than 70% of legal debt being special bonds [7][6]. - Platform companies face significant risks due to high levels of hidden debt and their deep ties to the real estate market, which could lead to systemic risks [7][6]. - The proportion of special debt in total local government debt has risen, with special debt accounting for about 68% of total local government debt as of September this year [7][8]. Group 3: Regional Disparities - There is a notable regional disparity in debt risks within Anhui, particularly in the northern regions, which have a higher proportion of municipalities classified as high-risk [9][6]. - The article indicates that while financial support for debt resolution is outlined at the national level, local implementation remains cautious, leading to a tightening of financing channels for platform companies [9][6]. Group 4: Recommendations for Risk Mitigation - The article suggests establishing an incentive mechanism for local governments to actively repay debts and integrating various financial resources to support debt rollover [11][12]. - Monitoring and controlling new debt issuance is emphasized to prevent the simultaneous accumulation of new and existing debts [12][11]. - The article advocates for the market-oriented reform of platform companies, aiming to eliminate their government financing functions by the end of 2026 [13][12]. Group 5: Long-term Mechanism Establishment - The article calls for stricter control over government investment behaviors and the implementation of fiscal risk assessments before major policy changes [14][12]. - It proposes increasing the weight of debt assessments and linking them to GDP growth and fixed asset investment metrics [14][12]. - Enhanced regulation of platform companies is recommended, including setting annual debt control targets and limits on new financing costs [14][12].