2025.10. 27 本文字数：1842，阅读时长大约3分钟 作者 | 第一财经 陈益刊 随着一揽子防范化解地方政府隐性债务风险政策快速落地，地方政府融资平台公司数量大幅压减。 10月26日，在十四届全国人大常委会第十八次会议上，受国务院委托，中国人民银行行长潘功胜作 了国务院关于金融工作情况的报告。报告在谈及防范化解金融风险隐患方面称，经过中央和地方各方 面努力，2025年9月末，全国融资平台数量、存量经营性金融债务规模较2023年3月末分别下降 71%、62%，风险明显缓释。 这意味着仅用两年半时间，中国压降地方政府融资平台公司数量超过七成。 地方政府融资平台公司，是指由地方政府及其部门和机构、所属事业单位等通过财政拨款或注入土 地、股权等资产设立，具有政府公益性项目投融资功能，并拥有独立企业法人资格的经济实体，包括 各类综合性投资公司等。 不少地方政府融资平台公司事实上承担着政府融资职能，是地方经济发展的主力军和城市建设的先锋 军，推动了地方经济发展，但与此同时过度举债、管理不规范等问题，也带来地方政府隐性债务快速 膨胀，给地方经济财政运行带来较大风险。 长期关注政府投融资的中央财经大学教授温来成告诉 ...

不少地方政府融资平台公司事实上承担着政府融资职能，是地方经济发展的主力军和城市建设的先锋 军，推动了地方经济发展，但与此同时过度举债、管理不规范等问题，也带来地方政府隐性债务快速膨 胀，给地方经济财政运行带来较大风险。 此前中国就已开始清理规范地方政府融资平台，2014年随着新预算法获通过，并首次打开省级政府发行 政府债券来筹资"前门"，国务院也宣布剥离政府融资平台公司政府融资职能"后门"，融资平台公司不得 新增政府债务。 温来成表示，在2015年正式施行新预算法之前，法律层面地方政府并没有发行政府债券筹资权力，而地 方又承担较多经济建设职能，在财政资金不能满足需求的客观情况下，地方政府融资平台公司应运而 生，承担着不少地方公益性项目建设筹资职能。而随着新预算法施行后，地方政府可以通过发行政府债 券筹资，从历史使命来看，绝大多数融资平台公司就需要退出历史舞台。 随着一揽子防范化解地方政府隐性债务风险政策快速落地，地方政府融资平台公司数量大幅压减。 10月26日，在十四届全国人大常委会第十八次会议上，受国务院委托，中国人民银行行长潘功胜作了国 务院关于金融工作情况的报告。报告在谈及防范化解金融风险隐患方面称，经 ...

Group 1 - The meeting between the US and Chinese leaders has uncertainties, with Trump indicating that the anticipated meeting may not occur for various reasons [8][12] - China's strict control over local government hidden debt is showing effects, with the issuance of municipal bonds reaching the lowest level in five years [8][12] - The stock market in China saw significant gains, with the Shanghai Composite Index rising by 1.36% to 3916.33 points, and the Shenzhen Component Index increasing by 2.06% [1][5] Group 2 - Haier Smart Home is considering an IPO for its IoT subsidiary, seeking to raise approximately $500 million (about 3.9 billion HKD) [10] - Ant Group-backed GCash plans to delay its IPO in the Philippines to the second half of 2026 due to a sluggish stock market [10] - First Pacific Company plans to spin off its water treatment services in the Philippines, with shares priced at 15 Philippine pesos each [10] Group 3 - HSBC repurchased 800 shares at a price of 102.1 HKD, totaling approximately 81,600 HKD, as part of its ongoing buyback program [14] - Pop Mart reported a year-on-year revenue growth of 245% to 250% in Q3, with significant increases in both domestic and overseas markets [14] - Cinda Biologics entered a global strategic partnership with Takeda Pharmaceuticals, receiving an upfront payment of $1.2 billion [14] Group 4 - The third quarter copper production of China Molybdenum increased by 11% year-on-year, with zinc production rising by 26% [14] - Cathay Pacific and Airbus announced a joint investment of up to $70 million (approximately 545 million HKD) to promote sustainable aviation fuel development [14] - China Life Insurance reported a significant increase in its stock price, reflecting strong market performance [18]

Core Viewpoint - The implementation of a comprehensive policy package to mitigate local government hidden debt risks has led to a significant reduction in the scale of such debts, with a decrease of 3.8 trillion yuan from the end of 2023 to the end of 2024, bringing the total hidden debt to 10.5 trillion yuan [1][3]. Summary by Sections Hidden Debt Reduction - As of the end of 2024, local government hidden debt is reported at 10.5 trillion yuan, down from 14.3 trillion yuan at the end of 2023, indicating a reduction of 3.8 trillion yuan within a year [1]. - The reduction is attributed to a debt replacement policy that includes the issuance of 10 trillion yuan in local government bonds from 2024 to 2028 to replace existing hidden debts [1]. Financial Impact - By the end of August 2023, local governments had issued 4 trillion yuan in refinancing special bonds to replace hidden debts, resulting in an average interest cost reduction of over 2.5 percentage points, saving more than 450 billion yuan in interest expenses [2]. - The lower interest rates on local government bonds compared to previous hidden debt borrowing have significantly reduced local interest expenditures [1]. Economic Development and Debt Management - The debt reduction strategy is not only about lowering interest burdens but also aims to enhance local development momentum by freeing up financial resources for economic growth [3]. - Over 60% of financing platforms have exited, indicating a significant reduction in hidden debt and accelerated reform of financing platforms [3]. Government Debt Overview - As of the end of 2024, the total government debt in China is projected to be 92.6 trillion yuan, with a government debt ratio of 68.7%, which is considered reasonable compared to G20 and G7 averages [3]. Future Debt Management Strategies - The government plans to continue its dual approach of development and debt management, focusing on reducing existing hidden debts, enhancing management practices, improving the effectiveness of bond issuance, and strengthening risk monitoring [4][5][6].

Core Viewpoint - The article discusses the significant reduction in local government hidden debt in China, attributed to a series of policies aimed at mitigating these risks, with the latest figures indicating a decrease from 14.3 trillion yuan at the end of 2023 to 10.5 trillion yuan by the end of 2024, a reduction of 3.8 trillion yuan [3][4]. Summary by Sections Hidden Debt Reduction - As of the end of 2024, local government hidden debt stands at 10.5 trillion yuan, down from 14.3 trillion yuan at the end of 2023, indicating a substantial reduction of 3.8 trillion yuan within a year [3]. - The reduction is partly due to a policy that allows for the issuance of 10 trillion yuan in local government bonds from 2024 to 2028 to replace existing hidden debt [3][4]. Financial Impact - By August 2025, local governments had issued 4 trillion yuan in refinancing special bonds, resulting in an average interest cost reduction of over 2.5 percentage points, saving more than 450 billion yuan in interest payments [5][6]. - The overall debt management strategy has not only reduced interest burdens but also enhanced local development momentum by freeing up financial resources for economic growth [6]. Government Debt Overview - As of the end of 2024, the total government debt in China is reported at 92.6 trillion yuan, which includes 34.6 trillion yuan in national bonds, 47.5 trillion yuan in legal local government debt, and 10.5 trillion yuan in hidden debt, resulting in a government debt ratio of 68.7% [6]. - Compared to G20 and G7 countries, where average government debt ratios are significantly higher, China's debt ratio is considered to be within a reasonable range [6]. Future Debt Management Strategies - The government plans to continue its dual approach of debt reduction and economic development, focusing on four key areas: reducing existing debt, enhancing management practices, maximizing the effectiveness of bond issuance, and mitigating risks [7][8]. - Specific strategies include early allocation of debt limits, strict management of debt limits, scientific arrangement of bond scales, and proactive risk monitoring to prevent new hidden debts [8].

Core Viewpoint - The reduction of local government hidden debt in China is significant, with a decrease from 14.3 trillion yuan at the end of 2023 to 10.5 trillion yuan by the end of 2024, indicating effective debt management policies [1][2]. Group 1: Debt Reduction and Management - As of the end of 2024, local government hidden debt stands at 10.5 trillion yuan, down from 14.3 trillion yuan at the end of 2023, reflecting a reduction of 3.8 trillion yuan within a year [1]. - The implementation of a comprehensive debt resolution policy, including the issuance of 10 trillion yuan in local government bonds from 2024 to 2028, has contributed to this reduction [1]. - By the end of 2025, over 2 trillion yuan in local government bonds have already been issued for the purpose of replacing existing hidden debt, with expectations that the hidden debt will fall below 8 trillion yuan this year [1]. Group 2: Financial Impact and Efficiency - The average interest cost of local government debt has decreased by over 2.5 percentage points, leading to savings of more than 450 billion yuan in interest expenses [2]. - The debt resolution process has not only reduced interest burdens but also enhanced local development momentum by freeing up financial resources for economic growth [3]. - Over 60% of financing platforms have exited, indicating a significant reduction in hidden debt and a faster pace of reform [3]. Group 3: Future Debt Management Strategies - The government plans to continue improving debt management mechanisms during the 14th Five-Year Plan, focusing on balancing development and safety [4]. - Key strategies include reducing existing debt, enhancing management practices, optimizing the effectiveness of bond issuance, and proactively monitoring risks [5][6]. - The government aims to establish a unified long-term regulatory system for both hidden and legal debts, ensuring transparency and sustainability in debt management [5][6].

1. Report Title and Period - The report is the 32nd issue of the Weekly Monitoring Report on Local Government Bonds and Urban Investment Industry in 2025, covering the period from August 25th to August 29th, 2025 [1][4] 2. Core Views - The "Opinions on Promoting High - quality Urban Development" proposes to establish a sustainable urban construction and operation investment and financing system, emphasizing the prevention and resolution of local government debt risks and the transformation of urban investment enterprises [6] - Ningxia and Jiangxi are accelerating the withdrawal of financing platforms, with Ningxia achieving a 76% withdrawal rate in 2024 and Jiangxi having 205 platforms exit in the first half of 2025, completing 62.7% of the annual task [6] - The cumulative issuance of special new special - purpose bonds is approaching one trillion yuan, and some funds may be used to clear up arrears to enterprises [5] 3. Summary by Section 3.1. News Review - **Policy Issuance**: The "Opinions on Promoting High - quality Urban Development" proposes to establish a sustainable urban construction and operation investment and financing system, coordinating multiple funding channels and emphasizing the prevention of new local government hidden debts [6] - **Platform Withdrawal**: Ningxia actively promoted the withdrawal of financing platforms in 2024, with a withdrawal rate of 76%, effectively reducing platform debt risks. In the first half of 2025, Jiangxi innovated the replacement bond mechanism, with a debt resolution progress of over 80%, and 205 platforms completed their withdrawal [6] - **Early Redemption**: 28 urban investment enterprises redeemed bond principal and interest in advance this week, involving 29 bonds with a total scale of 59.64 billion yuan [13] - **Cancellation of Issuance**: Two urban investment bonds were cancelled for issuance this week, with a planned total issuance scale of 6.23 billion yuan [14] 3.2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds - **Local Government Bonds**: The issuance scale decreased by 4.76% to 351.597 billion yuan, the net financing increased by 16.61% to 234.508 billion yuan, the weighted average issuance interest rate decreased by 7.66BP to 2.05%, and the weighted average issuance spread widened by 1.80BP to 22.03BP. The cumulative issuance of special new special - purpose bonds was 967.654 billion yuan [15] - **Urban Investment Bonds**: The issuance amount increased by 6.60% to 112.781 billion yuan, the net financing turned positive, increasing by 386.26 billion yuan to 19.394 billion yuan. The overall issuance interest rate decreased by 1.25BP to 2.32%, and the issuance spread narrowed by 1.11BP to 79.53BP. Five overseas urban investment bonds were issued, with a total scale of 1.936 billion yuan [18][19] 3.3. Trading of Local Government Bonds and Urban Investment Enterprise Bonds - **Funding Situation**: The central bank conducted 2273.1 billion yuan of reverse repurchase and 600 billion yuan of MLF operations, with a net investment of 496.1 billion yuan. Short - term funding rates mostly declined [22] - **Local Government Bonds**: The spot trading volume was 444.324 billion yuan, an increase of 29.06%. Most of the maturity yields increased, with an average increase of 5.60BP [24] - **Urban Investment Bonds**: The trading volume was 285.544 billion yuan, a decrease of 1.38%. Short - term maturity yields decreased, while long - term yields increased. The spreads of 3 - year and 5 - year AA+ urban investment bonds widened, while the 1 - year AA+ spread narrowed [24] - **Abnormal Trading**: Nine urban investment entities had 10 bonds with 13 abnormal trades, with the number of entities, bonds, and abnormal trades all decreasing compared to last week [24] 3.4. Important Announcements of Urban Investment Enterprises - A total of 125 urban investment enterprises announced changes in senior management, legal representatives, directors, supervisors, etc., including 51 announcements of changes in senior management, 10 announcements of changes in controlling shareholders and actual controllers, 4 announcements of equity/asset transfers, 13 announcements of cumulative new borrowings, 1 announcement of name change, 5 announcements of external guarantees, and 1 announcement of business scope change [27]

Core Viewpoint - Local governments are accelerating borrowing to invest in major projects and repay old debts to boost the economy and mitigate risks [2][3]. Group 1: Borrowing Scale and Purpose - In the first eight months of this year, local governments issued approximately 7.7 trillion yuan in bonds, a year-on-year increase of 42%, marking a historical high for the same period [2]. - Of the 7.7 trillion yuan in bonds, about 3.8 trillion yuan were refinancing bonds, which increased by 64% year-on-year, while 3.9 trillion yuan were new bonds, up 26% year-on-year [3]. - Approximately 4.77 trillion yuan, or 62% of the total borrowing, was used for repaying old debts, while nearly 3 trillion yuan was allocated for major project construction [8]. Group 2: Special New Bonds - Special new bonds, which are primarily used for major public projects, have also been utilized for refinancing hidden debts and repaying overdue corporate payments, referred to as "special new special bonds" [6]. - The issuance of special new bonds exceeded market expectations, with nearly 1 trillion yuan issued for refinancing hidden debts, surpassing the previously stated 800 billion yuan target [6][7]. - It is estimated that around 2 trillion yuan of new special bonds will be allocated to resolve overdue corporate payments this year [7]. Group 3: Investment Allocation - Among the nearly 2.3 trillion yuan allocated for project construction, approximately 28% was directed towards municipal and industrial park infrastructure, 18% towards transportation infrastructure, and 14% towards land reserves [9]. - The implementation of a "negative list" management approach has significantly broadened the investment scope for special bonds, allowing for land reserve investments, which totaled about 324 billion yuan in the first eight months [9]. Group 4: Debt Risk Management - As of July 2025, the total local government debt is projected to be approximately 52.76 trillion yuan, remaining within the limit of about 57.99 trillion yuan, indicating that local debt risks are generally manageable [10].

Core Viewpoint - Local governments in China have significantly increased their borrowing this year to stabilize the economy and mitigate risks, with a record issuance of local government bonds [1][2]. Group 1: Bond Issuance and Utilization - In the first seven months of this year, approximately 67,037 billion yuan of local government bonds were issued, marking a year-on-year increase of about 60% [1]. - More than half of the bond proceeds are allocated to repay old debts, while nearly half is invested in major project construction [1]. - Of the 67,037 billion yuan issued, about 34,000 billion yuan were refinancing bonds, up 65% year-on-year, and approximately 33,000 billion yuan were new bonds, increasing by about 55% [1][2]. Group 2: Refinancing and Debt Management - Refinancing bonds are primarily used for "borrowing new to repay old" debts, addressing the significant fiscal imbalance faced by local governments [2]. - The central government initiated a plan to replace hidden debts with local government bonds, with a total of 10 trillion yuan allocated for this purpose, of which 6 trillion yuan is through refinancing bonds [2]. Group 3: Project Funding and Special Bonds - New bonds are mainly directed towards major public welfare projects to stabilize investment and address shortfalls [3]. - In the first seven months, approximately 28,000 billion yuan of new special bonds were issued, accounting for over 60% of the total annual issuance target of 44,000 billion yuan [3]. - A significant portion of the new special bonds, around 8,000 billion yuan, is earmarked for resolving hidden debt issues and settling overdue payments to enterprises [3][4]. Group 4: Infrastructure Investment - About 26.37% of the new special bond funds are allocated to municipal and industrial park infrastructure, while 17.63% is directed towards transportation infrastructure [10]. - The issuance of land reserve special bonds has surged, with over 2,600 billion yuan issued in the first seven months, aimed at recovering idle land and stabilizing the real estate market [10]. Group 5: Future Expectations and Debt Management - The central government has emphasized accelerating the issuance and utilization of government bonds to enhance funding efficiency [11]. - Experts predict that local governments will complete the issuance of 44,000 billion yuan in new special bonds by the end of October, with a focus on increasing project initiation rates [11]. - As of June 2025, the total local government debt is projected to be 51.95 trillion yuan, remaining below the debt ceiling of approximately 57.99 trillion yuan [12].

Core Viewpoint - The article discusses the recent developments in the management of local government hidden debts in China, highlighting the increased accountability measures and the focus on grassroots government actions and project-related hidden debts [1][2][6]. Summary by Sections Hidden Debt Accountability Cases - Since the initiation of the new round of hidden debt resolution work in 2022, the Ministry of Finance has reported 44 typical cases of "hidden debt accountability," indicating a strengthened regulatory approach towards local hidden debts [2][12]. - The accountability cases are primarily concentrated in low-tier cities in central and western regions, with significant occurrences in provinces like Jiangxi, Henan, and Anhui [3][15]. Changes in 2025 Accountability Cases - The 2025 accountability cases show a shift towards focusing on grassroots government behavior and project-related hidden debts, reflecting a "penetrating" regulatory approach [4][17]. - The accountability cases in 2025 emphasize the actions of city, district, and county-level governments, with specific instances of accountability involving local industrial development committees [4][20]. New Directions for Hidden Debt - New hidden debt allocations in 2025 include funds for paying off loans for shantytown renovations and high-standard farmland improvement projects, indicating a trend of local governments resorting to hidden debts for project financing [5][23]. - The accountability measures reveal that local governments are increasingly using hidden debts to cover construction costs and repay existing debts, reflecting financial pressures on local budgets [7][23]. Reform Signals Behind Hidden Debt Accountability - The changes in hidden debt accountability cases signal a heightened emphasis on high-quality construction and strict regulation of new hidden debts, as highlighted in recent central government meetings [6][31]. - The accountability measures also point to the need for reform in the fiscal relationship between central and local governments, as local governments face pressures in maintaining basic financial obligations [7][38]. Fiscal System Reform - The article suggests that fiscal system reform is crucial for preventing hidden debts and addressing the competitive pressures faced by local governments, which have increasingly relied on high-tax industries and central subsidies [7][38].