Market Overview - The three major indices in the A-share market experienced a decline, with the Shanghai Composite Index closing at 3960.19 points, down 0.41% [4] - The Shenzhen Component Index fell by 1.71% to 13175.22 points, while the ChiNext Index decreased by 1.96% to 3134.09 points [4] - The market saw a total of 1612 stocks rise and 3461 stocks fall, indicating a bearish sentiment [4] Trading Volume and Margin Financing - The market turnover was recorded at 19,387.06 billion yuan, showing a decrease from the previous trading day [5] - The margin financing balance increased to 24,947.63 billion yuan, up by over 8.3 billion yuan from the previous day [5] Economic Indicators and Policy Outlook - The recent PMI data showed a significant seasonal decline, indicating continued pressure on the short-term economic fundamentals [1] - The market is expected to focus on the fundamentals as it enters a relatively policy and expectation vacuum phase in November [1] - The People's Bank of China and the Bank of Korea renewed a bilateral currency swap agreement, maintaining a scale of 400 billion yuan, which is expected to enhance trade and investment cooperation [2][3]

Core Viewpoint - The establishment of the Debt Management Division within the Ministry of Finance aims to enhance the management and oversight of government debt, transitioning from a fragmented approach to a more centralized and professionalized system [1][2]. Group 1: Establishment of Debt Management Division - The Debt Management Division has been officially included in the Ministry of Finance's organizational structure, with its first director being Li Dawei [1]. - The division consists of six departments responsible for various aspects of debt management, including issuance, repayment, and monitoring [1]. - The establishment of this division is expected to improve the efficiency and coordination of government debt management, addressing previous challenges related to fragmented oversight [1][2]. Group 2: Government Debt Management Strategy - During the 14th Five-Year Plan period, the Ministry of Finance plans to develop a government debt management mechanism that aligns with high-quality development, focusing on both development and debt reduction [2]. - The strategy includes replacing local government hidden debts and establishing a long-term regulatory system for local government debt to prevent illegal borrowing and ensure accountability [2]. - The new division will facilitate better coordination of debt expenditure, repayment timelines, and issuance costs, contributing to a sustainable debt management framework [2]. Group 3: Current Debt Statistics - 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 bonds, 47.5 trillion yuan in legal local government debt, and 10.5 trillion yuan in hidden local government debt [3]. - The government debt-to-GDP ratio stands at 68.7%, which is considered to be within a reasonable range, indicating that the associated risks are manageable [3].

Core Points - The Ministry of Finance has updated its organizational structure, officially listing the Debt Management Department as part of its main agencies [1][6] - The Debt Management Department is responsible for formulating and implementing domestic debt management policies, as well as managing both central and local government debts [2][6] Department Responsibilities - The Debt Management Department's main duties include drafting and executing government domestic debt management systems and policies [2] - It is tasked with compiling national and local government debt balance limit plans and managing government internal debt issuance and repayment [2] - The department also oversees external debt management and strengthens monitoring to mitigate hidden debt risks [2] Leadership and Structure - The leadership of the Debt Management Department includes Director Li Dawei and Deputy Directors Qu Fuguo and Zhao Zeyong [4] - The department is organized into six divisions: Comprehensive Division, Central Debt Division, Local Debt Division I, Local Debt Division II, Issuance and Repayment Division, and Monitoring and Management Division [4]

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].

Core Viewpoint - The establishment of the Debt Management Department within the Ministry of Finance aims to enhance government debt management mechanisms, ensuring alignment with high-quality development and risk prevention in local government debt [3][4]. Group 1: Debt Management Structure - The Debt Management Department is now officially listed as a department within the Ministry of Finance, led by Director Li Dawei and supported by Deputy Directors Qu Fuguo and Zhao Zeyong [1]. - The department consists of six divisions: Comprehensive Division, Central Debt Division, Local Debt Division I, Local Debt Division II, Issuance and Payment Division, and Monitoring Management Division [1]. Group 2: Responsibilities and Goals - The primary responsibilities of the Debt Management Department include formulating and executing domestic government debt management policies, managing both central and local government debt, and monitoring government debt to mitigate hidden risks [3]. - The goal is to establish a long-term debt management mechanism that aligns with high-quality development, which is essential for preventing local government debt risks and achieving the objectives of the "14th Five-Year Plan" [3]. 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 local government legal debt, and 10.5 trillion yuan in local government hidden debt, resulting in a government debt ratio of 68.7% [3]. - The overall debt ratio is considered reasonable, with the government debt corresponding to substantial quality assets, indicating that risks are manageable [3]. Group 4: Future Initiatives - The Ministry of Finance plans to continue enhancing the management of local government debt limits, ensuring sustainable borrowing and repayment practices [4]. - Li Dawei announced that 500 billion yuan will be allocated from the existing local government debt limits to support local governments in addressing existing project debts and enhancing fiscal capacity [5]. - The Ministry will also focus on implementing a series of supportive policies, including debt replacement policies, to stimulate economic growth and ensure financial stability [5].

记者 杜涛 11月3日，财政部官网"机构设置"栏目更新信息显示，财政部债务管理司（下称"债务司"）已正式列入机构名单。财政部债务管理司共设六个处，分别为综 合处、中央债务处、地方债务一处、地方债务二处、发行兑付处、监测管理处。 请输入关键字 惯务 关于我们 工作动态 政策规章 业务公告 统计数据 地方政府违法违规 举债融资举报信箱 财政部新闻发布会 Press Conference of the Ministry of Finance 2025年上半年财政收支情况新闻发布 政策规章 中华人民共和国财政部 Ministry of Finance of the People's Republic of China 2025年11月03日 星期一 新成立的债务司，主要职责包括以下几个方面：拟订并执行政府国内债务管理制度和政策；拟订中央和地方政府债务管理制度和办法；编制国债和地方政府 债余额限额计划；承担政府内债发行、兑付等有关管理工作；承担政府外债管理工作，拟订基本管理制度；加强政府债务监测监管，防范化解隐性债务风 险。 财政部债务管理司领导包括：司长李大伟，副司长曲富国、赵则永。2025年10月17日，财政部召开 ...

Core Viewpoint - The establishment of the Debt Management Department within the Ministry of Finance aims to enhance government debt management mechanisms, ensuring alignment with high-quality development and risk mitigation in local government debt [4][5]. Group 1: Organizational Structure - The Debt Management Department is now listed as a department of the Ministry of Finance, with Li Dawei as the director and Qu Fuguo and Zhao Zeyong as deputy directors [1][6]. - The department consists of six divisions: Comprehensive Division, Central Debt Division, Local Debt Division I, Local Debt Division II, Issuance and Payment Division, and Monitoring Management Division [1]. Group 2: Responsibilities and Goals - The main responsibilities of the Debt Management Department include formulating and implementing domestic debt management policies, managing both central and local government debts, and enhancing monitoring to prevent hidden debt risks [4][5]. - The goal is to establish a long-term debt management mechanism that aligns with high-quality development, which is essential for mitigating local government debt risks and achieving the objectives of the "14th Five-Year Plan" [5]. 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 local government legal debt, and 10.5 trillion yuan in local government hidden debt, resulting in a government debt ratio of 68.7% [5]. - The overall debt ratio is considered reasonable, with manageable risks, as it corresponds to a significant amount of quality assets [5]. Group 4: Policy Implementation - Li Dawei announced that the Ministry of Finance will continue to allocate new local government debt limits for 2026 in advance to support key projects and ensure economic recovery [7]. - A total of 500 billion yuan will be allocated from the existing local government debt limits to enhance local financial capacity and support project construction in economically significant provinces [7][8].

对加强政府债务管理有积极意义。 财政部机构设置有了新变化，新设立债务管理司。 长期关注政府债务的中央财经大学教授温来成告诉第一财经，近年中央要求加快构建同高质量发展相适 应的政府债务管理长效机制，而此次财政部设立债务管理司，正是落实这一要求。上个世纪财政部就设 有国家债务管理司，后面因各种原因撤销了，债务管理职能就分散在预算司、国库司等部机关，而此次 设立债务管理司后，将国债和地方政府债务放到一起，并涉及债务制度制定、执行、管理、监测等链 条，这对加强政府债务管理有积极意义，这一动作也是财政部加强政府债务管理的一个重要行动。 ·拟订中央和地方政府债务管理制度和办法。 ·编制国债和地方政府债余额限额计划。 ·承担政府内债发行、兑付等有关管理工作。 ·承担政府外债管理工作，拟订基本管理制度。 ·加强政府债务监测监管，防范化解隐性债务风险。 新设立的财政部债务管理司首任司长为李大伟。而就在10月中旬，李大伟以财政部预算司一级巡视员、 政府债务研究和评估中心主任身份出席了今年前三季度财政收支情况新闻发布会。 长期关注政府债务的粤开证券首席经济学家罗志恒告诉第一财经，当前防范化解地方债务风险，建立长 效机制，激发地方政 ...

Core Viewpoint - The establishment of the Debt Management Department within the Ministry of Finance aims to enhance the management of government debt, ensuring it aligns with high-quality development goals and mitigates risks associated with local government debt [1][3][4]. Group 1: Department Structure and Responsibilities - The Debt Management Department is now officially listed as a department of the Ministry of Finance, with Li Dawei as the director and two deputy directors, Qu Fuguo and Zhao Zeyong [1]. - The department consists of six divisions: Comprehensive Division, Central Debt Division, Local Debt Division I, Local Debt Division II, Issuance and Redemption Division, and Monitoring and Management Division [1][2]. Group 2: Debt Management Mechanism - The primary responsibilities of the Debt Management Department include formulating and implementing domestic debt management policies, managing both central and local government debt, and monitoring government debt to prevent hidden risks [3][4]. - The total government debt in China is projected to reach 92.6 trillion yuan by the end of 2024, comprising 34.6 trillion yuan in national debt, 47.5 trillion yuan in local government legal debt, and 10.5 trillion yuan in local government hidden debt, resulting in a government debt ratio of 68.7% [3]. Group 3: Policy Implementation and Future Outlook - The Ministry of Finance plans to continue managing local government debt limits strictly, ensuring sustainable use and repayment capabilities [4]. - Li Dawei announced that 500 billion yuan will be allocated from the existing local government debt limit to support local governments in addressing existing project debts and enhancing fiscal capacity [5].

财政部债务管理司 主要职责： 拟订并执行政府国内债务管理制度和政策。拟订中央和地方政府债务管理制度和办法。编制国债和地方政府 债余额限额计划。承担政府内债发行、兑付等有关管理工作。承担政府外债管理工作，拟订基本管理制度。加强政府债务监测监管，防范化 解隐性债务风险。 债务管理司设六个处：综合处、中央债务处、地方债务一处、地方债务二处、发行兑付处、监测管理处。 债务管理司司长为李大伟，副司 长为曲富国、赵则永。 来源：政事儿 长安街知事 财政部网站"机构设置"一栏最新信息显示， 财政部债务管理司已成立。 今年9月，据媒体报道，财政部将组建新的部门，专司政府债务管理。 近期，财政部部长蓝佛安曾多次公开强调债务管理的重要性。 在9月12日举行的国新办新闻发布会上， 蓝佛安在 介绍 " 十四五 " 时期财政改革发展成效时表示， "十五五"期间，将继续统筹好发展和 安全，加快建立健全与高质量发展相适应的政府债务管理机制，在发展中化债、在化债中发展，为经济行稳致远提供有力支撑。 近日出版的《〈中共中央关于制定国民经济和社会发展第十五个五年规划的建议〉辅导读本》中，蓝佛安撰文指出，"十五五"时期，将进 一步落实好一揽子化债 ...