近日，财政部官网"机构设置"栏目更新信息显示，财政部债务管理司已列入"部机关"列表。 部机关 新华日报 送福利啦 官网介绍，债务管理司主要职责包括：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，防范化解稳性债务风险。 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。 财政部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。 · 办公厅 · 综合司 · 条法司 · 税政司 · 关税司(国务院关税税则委员会办公室) · 预算司 · 国库司(政府采购管理办公室) · 国防司 · 经济建设司 · 行政政法司 · 科教和文化司(中央文化企业国有资产监督管理领导小组办公室) · 社会保障司 · 自然资源和生态环境司 · 农业农村司 · 资产管理司 · 令融司 · 债务管理司 · 国际经济关系司(港澳台办公室) ...

【大河财立方消息】11月3日消息，近日财政部官网"机构设置"栏目更新信息显示，财政部债务管理司已列入"部机关"列表。 债务管理司主要职责包括：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。 此前，消息称财政部将组建新的部门，专司政府债务管理。债务管理司设立前，政府债务管理职能分散在财政部预算司、国库司、监督监管局及部属事业单 位债务研究中心等。 责编:陈玉尧 | 审核:李震 | 监审:古筝 | | 中华人民共和国财政部 Ministry of Finance of the People's Republic of China | | 信爷堂地 | | --- | --- | --- | --- | | 2025年11月03日 星期一 | 请输入关键字 | 债务管理司 A | 捜索 | | 主要职能 | 当前位置：首页>关于我们>机构 ...

财政部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。 新华财经北京11月3日电据财政部官网"机构设置"栏目更新信息显示，财政部债务管理司已列入"部机关"列表。 （文章来源：新华财经） 官网介绍，债务管理司主要职责包括：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。 ...

中国财政部官网“机构设置”栏目更新信息，财政部债务管理司已列入“部机关”列表。债务管理司主要职责包括：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。 ...

Core Viewpoint - China is demonstrating systematic thinking and strong execution in government debt management, utilizing central government support, local self-sufficiency, and market-oriented reforms to gradually alleviate local debt risks [1] Group 1: Debt Management Strategies - The issuance of 800 billion yuan in ultra-long-term special government bonds in 2025 is aimed at supporting key projects such as transportation infrastructure, urbanization of agricultural migrants, high-standard farmland construction, and urban underground pipeline networks [1] - The opening rate of certain projects and infrastructure construction in Wuhan, Hubei, has reached 88% in the same year, utilizing the "two重两新" ultra-long-term government bonds [1] Group 2: Future Directions - Future debt management will focus on increasing effective borrowing through market-oriented policy tools like investment funds, enhancing investment in emerging infrastructure driven by data as a key element [1] - The goal is to optimize the debt structure and implement a comprehensive debt solution to leverage the amplifying, compounding, and multiplying effects of data elements on economic development [1]

Core Points - Guangdong Province issued a total of 365.85 billion yuan in new special bonds from January to August 2025, accelerating the issuance and usage to support economic recovery [1][2] - The central government allocated a new debt limit of 1,106.8 billion yuan to Guangdong from 2024 to August 2025, including 568.6 billion yuan for 2025, which consists of 32 billion yuan in general debt and 536.6 billion yuan in special debt [1] - The province aims to implement a more proactive fiscal policy and promote high-quality development through effective debt management [1] Debt Management and Usage - Guangdong accelerated the issuance of special bonds and optimized the expenditure progress reporting mechanism, with 5,085 billion yuan of new special bonds planned to be fully issued by the end of October 2024 [2] - 80% of the funds are directed towards significant investment areas such as transportation and industrial park infrastructure, with over 80 billion yuan allocated for major infrastructure project capital [2] - The province maintains overall government debt risk at a controllable level, having completed the task of resolving existing hidden debts and ensuring zero growth in new hidden debts [2] Financial Management - Guangdong has strengthened post-issuance management of special bonds and implemented measures to secure repayment funds, ensuring timely and full repayment of all government bond principal and interest [2] - The province is committed to maintaining a bottom line of no risks associated with legal bonds [2]

Group 1 - The Guangdong Provincial People's Congress held its 21st meeting, focusing on various legislative proposals and reports related to modern enterprise systems, transportation development, and housing regulations [1] - The meeting included discussions on the adjustment of the provincial budget for 2025 and government debt management, highlighting the importance of fiscal planning and oversight [2] - Reports were presented on the integration of culture and tourism, elderly meal assistance services, and the construction of a talent team for elderly care services, indicating a focus on social welfare and economic development [2] Group 2 - The meeting addressed the implementation of laws related to the circular economy and high-quality development in the manufacturing sector, emphasizing the commitment to sustainable economic practices [2] - Personnel appointments and removals were also discussed, reflecting ongoing governance and administrative changes within the provincial government [2]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - As of the end of 2024, China's government debt scale was 92.6 trillion yuan, with local government implicit debt reduced to 10.5 trillion yuan, and the overall risk was controllable. The State Council and relevant departments continuously optimized and improved government debt management to better发挥 the function of government debt. However, there were still some difficulties and problems in government debt management and risk prevention and resolution, such as the need to strengthen government debt management, the occurrence of illegal new implicit debt and false debt resolution, and the need to optimize the government debt scale and structure. To address the problems and challenges in China's fiscal and debt fields, it was necessary to change ideas, moderately increase policy intensity, and promote medium - and long - term structural reforms [6][7][8]. - Henan actively supported the clearance of government - owed enterprise accounts through the coordinated efforts of "special bonds + special loans." Zhengzhou adjusted special bond funds to repay debts, and Xuchang completed the issuance of special working capital loans [6][10]. - This week, 25 urban investment enterprises prepaid bond principal and interest, and 2 urban investment bonds cancelled issuance [6][13][14]. - This week, the issuance and net financing scale of local government bonds decreased, and Shenzhen and Hainan issued offshore RMB local bonds in Macau and Hong Kong respectively. Only Henan and Hubei had not completed the issuance of the 2 - trillion - yuan replacement quota. The issuance and net financing scale of urban investment bonds increased, with rising issuance interest rates and widening spreads [6][15][20]. - This week, there was no adjustment to the urban investment credit rating and no occurrence of urban investment credit risk events. The spot trading scale of local government bonds and urban investment bonds increased, and the yield to maturity of urban investment bonds increased across the board. There were 15 abnormal transactions of 11 urban investment bonds [23][25]. - This week, 51 urban investment enterprises announced changes in senior management, legal representatives, directors, supervisors, etc., as well as changes in controlling shareholders and actual controllers, and equity/asset transfers [29]. Group 3: Summary by Relevant Catalogs 1. News Review (1) The 2024 Government Debt Management Report was released, with implicit debt reduced to 10.5 trillion yuan - As of the end of 2024, China's government debt balance was 92.6 trillion yuan, including 34.6 trillion yuan in national debt, 47.5 trillion yuan in local government legal debt, and 10.5 trillion yuan in local government implicit debt, a decrease of 3.8 trillion yuan from the end of 2023. The national government legal debt - to - GDP ratio was 60.9%, and after adding the 10.5 - trillion - yuan local government implicit debt balance, the national government debt - to - GDP ratio was 68.7% [7]. - The State Council and relevant departments optimized and improved government debt management in aspects such as system mechanism construction, prevention and resolution of local government implicit debt risks, and improvement of the local government debt monitoring and supervision system [8]. - There were problems in government debt management, including the need to improve the management of ultra - long - term special national debt, the occurrence of illegal new implicit debt and false debt resolution, and the need to optimize the government debt scale and structure [8]. (2) Henan supported "debt clearance" through "special bonds + special loans," and Zhengzhou adjusted special bond funds to repay debts and Xuchang completed the issuance of special working capital loans - Zhengzhou promoted the clearance of debts owed to enterprises, carried out a new round of debt investigations, and adjusted special bond funds to repay debts. Xuchang's Xiangcheng Sub - branch of the Agricultural Bank of China approved a 10 - million - yuan working capital loan for a debt - owing entity and completed the first issuance of 5 million yuan [10]. (3) 25 urban investment enterprises prepaid bond principal and interest this week - 25 urban investment enterprises prepaid the principal and interest of 28 bonds, with a total scale of 4.799 billion yuan. The prepaid urban investment enterprises were mainly from the central region, and the main credit rating was AA [13]. (4) 2 urban investment bonds cancelled issuance this week - "25 Tongzhouwan PPN003" and "25 Xianggaosu CP003" cancelled issuance, with a planned total issuance scale of 1.33 billion yuan. As of September 12, 81 urban investment bonds had postponed or cancelled issuance this year, with a total scale of 51.594 billion yuan [14]. 2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds (1) Local government bonds - This week, 65 local bonds were issued, with a issuance scale of 194.519 billion yuan, a decrease of 35.52% from the previous value, and a net financing amount of 36.855 billion yuan, a decrease of 80.88%. As of September 19, 2025, the scale of local bonds in the存续 period was 53.3 trillion yuan. The issuance of new bonds this year had reached 4.176385 trillion yuan, accounting for 80.32% of the annual new quota, and the issuance of new special bonds was 3.517665 trillion yuan, accounting for 79.95% of the annual new quota. The issuance of refinancing bonds was 4.096984 trillion yuan, of which 1.974915 trillion yuan was used to replace existing implicit debt, completing 98.75% of the 2 - trillion - yuan quota for the year, and only 2.5085 billion yuan remained to be issued; 953.2 million yuan was used to repay existing government debt [15]. - The issuance term of local bonds was mainly 10 - year, and the weighted average issuance term was 15.55 years, 2.30 years shorter than the previous value. Ten provinces issued local bonds this week, with Henan having the largest issuance scale of 38.315 billion yuan. Shenzhen, Guangdong, and Hainan issued a total of 6 billion yuan of offshore RMB local bonds in Macau and Hong Kong. The weighted average issuance interest rate of local bonds increased by 2.24BP to 2.18%, and the weighted average issuance spread widened by 2.24BP to 21.71BP [15][16]. (2) Urban investment bonds - This week, 209 urban investment bonds were issued, with a issuance scale of 145.455 billion yuan, an increase of 52.95% from the previous value, and a net financing amount of 33.243 billion yuan, an increase of 1.1681 billion yuan. As of September 19, the scale of urban investment bonds in the存续 period was 14.26 trillion yuan. The overall issuance interest rate of urban investment bonds was 2.41%, an increase of 2.50BP from the previous value, and the issuance spread was 87.48BP, a widening of 7.00BP. The issuance was mainly in the form of general medium - term notes, with a 5 - year term as the main term. The issuer's main credit rating was AA +. This week, 10 urban investment overseas bonds were issued, with a total scale of 4.66 billion yuan [20]. 3. Trading of Local Government Bonds and Urban Investment Enterprise Bonds - This week, the central bank conducted 1.8268 - trillion - yuan reverse repurchase operations in the open market, with 1.2645 - trillion - yuan reverse repurchases maturing, resulting in a net investment of 562.3 billion yuan. Short - term capital interest rates mostly increased. There was no adjustment to the urban investment credit rating and no occurrence of urban investment credit risk events [23]. - The spot trading scale of local government bonds was 493.12 billion yuan, an increase of 13.41% from the previous value, and the yield to maturity fluctuated, with an average increase of 1.20BP. The trading scale of urban investment bonds was 317.943 billion yuan, an increase of 25.47% from the previous value, and the yield to maturity increased across the board, with an average increase of 2.69BP. In terms of credit spreads, the spreads of 1 - year and 5 - year AA + urban investment bonds widened, while the spread of 3 - year AA + urban investment bonds narrowed. There were 15 abnormal transactions of 11 urban investment bonds of 11 urban investment entities [25]. 4. Important Announcements of Urban Investment Enterprises - This week, 51 urban investment enterprises announced changes in senior management, legal representatives, directors, supervisors, etc., as well as changes in controlling shareholders and actual controllers, and equity/asset transfers [29].

Industry Investment Rating - No relevant content provided Core Viewpoints - The domestic economy showed marginal weakness in August, with consumption slowing down and the decline in the real estate sector expanding again, indicating that the foundation for domestic demand recovery remains weak. Policy - driven infrastructure investment also slowed down significantly, dragging down overall investment. However, there is no need for China's monetary policy to follow the Fed's easing in September, and the policy may focus more on expanding fiscal and credit policies and supporting the real estate market, which will bring disturbances to the bond market. - The pressure on the bond market may ease as the fastest - growing phase of the stock market may have passed, but the bond market still lacks a breakthrough. Attention should be paid to the central bank's MLF renewal this week and the performance of cross - quarter funds. As the long holiday approaches, the bond market may stabilize and slightly rebound [11][12] Summary by Directory 1. Market Review and Operation Suggestions - **Market Conditions**: LPR remaining unchanged was in line with expectations, but the one - day 14 - day reverse repurchase and the approaching feedback period for the new fund redemption rules caused market concerns. Coupled with the late - session stock market rally, treasury bond futures fell across the board [8] - **Interest Rate Bonds**: The yields of major term interest rate bonds in the inter - bank market rebounded across the board, with medium - and long - term yields rising by about 1bp. By 16:30 pm, the yield of the 10 - year treasury bond active bond 250011 reported 1.799%, up 1.15bp [9] - **Funding Market**: The funding pressure eased marginally, and the open market turned to net withdrawal. There were 287 billion yuan of reverse repurchases due, and the central bank conducted 276.1 billion yuan of reverse repurchase operations, resulting in a net withdrawal of 1.09 billion yuan. The inter - bank funding sentiment index declined, and most short - term funding rates fell. The weighted overnight rate of inter - bank deposits fell 1.36bp to 1.414%, and the 7 - day rate fell 1.36bp to 1.475%. Medium - and long - term funds remained stable, and the 1 - year AAA certificate of deposit rate remained little changed at 1.65% [10] - **Conclusion**: The bond market pressure may ease, but it still lacks a breakthrough. Attention should be paid to the central bank's MLF renewal this week and cross - quarter funds. As the long holiday approaches, the bond market may stabilize and slightly rebound [12] 2. Industry News - The central bank announced that the 1 - year and over - 5 - year LPR remained unchanged at 3.0% and 3.5% respectively, in line with market expectations. Dongfang Jincheng's Wang Qing team believes that policy rates and LPR may still be cut by the end of the year to boost domestic demand and stabilize the property market [13] - The central bank governor Pan Gongsheng introduced that as of the end of June this year, China's banking industry's total assets were nearly 470 trillion yuan, ranking first in the world; the stock and bond markets ranked second in the world; and the foreign exchange reserve scale ranked first in the world for 20 consecutive years. During the 14th Five - Year Plan period, China optimized policies such as down - payment ratios and mortgage rates, and reduced existing mortgage rates, saving over 50 million households about 300 billion yuan in interest payments annually. By the end of June this year, the number of financing platforms decreased by 60% compared with March 2023, and the scale of financial debts decreased by over 50% [14] - China's government debt balance has exceeded 90 trillion yuan. The National People's Congress Standing Committee's Pre - working Committee and the Financial and Economic Committee of the National People's Congress suggested strengthening the management of assets formed by government debt [15] 3. Data Overview - **Treasury Bond Futures**: The report provides trading data for treasury bond futures on September 23, including settlement prices, opening prices, closing prices, price changes, trading volumes, open interests, and changes in open interests for different contracts [6] - **Other Data**: It also mentions various data such as the spread between main - contract tenors of treasury bond futures, the spread between different - variety main - contracts of treasury bond futures, the term structure and trend of SHIBOR, the weighted interest rate of inter - bank pledged repurchase, and the fixed - rate curves of Shibor3M and FR007 interest rate swaps, with data sources from Wind and the Research and Development Department of CCB Futures [16][17][18][21][24][26][31][35][37]

Core Viewpoint - The rapid increase in local government special bond balances has raised concerns about repayment pressures, particularly in financially strained regions, prompting national legislative attention [1][2]. Group 1: Special Bond Growth and Impact - The issuance of special bonds has significantly increased to stabilize investment and mitigate risks, supporting numerous major projects and alleviating hidden debt risks for local governments [2]. - The balance of local government special bonds reached approximately 35.5 trillion yuan by July 2025, accounting for about 67% of total local government debt [2]. - Special bonds are intended for public welfare projects, with repayment sourced from government funds or special revenues, but many projects have underperformed, leading to repayment challenges [2][3]. Group 2: Repayment Challenges - Some local governments are struggling to pay interest on special bonds, with reports indicating that certain regions have resorted to using improper funding sources to meet these obligations [4]. - In 2024, local government bond interest payments are projected to be 1.3542 trillion yuan, representing about 7.7% of total local government broad fiscal revenue [4]. - The rising interest payment burden is exacerbated by declining land sale revenues, which have dropped from approximately 9.4 trillion yuan in 2021 to about 5.7 trillion yuan in 2024 [2][5]. Group 3: Government Response and Solutions - The State Council has initiated measures to address the repayment pressures associated with special bonds, including optimizing the allocation of bond quotas to regions with better project readiness and financial capacity [8][9]. - New policies allow local governments to arrange fiscal subsidies for special bond projects and utilize other revenue sources to ensure timely repayment [8][9]. - The overall risk of local government debt is considered manageable, with total local government debt remaining within the approved limit of approximately 57.9 trillion yuan as of July 2025 [9].