度、开工建设上，而项目建成后的运营、维护、保值增值等管理工作被忽视，导致一些资产闲置、浪 费甚至流失。 2025.09. 22 本文字数：2459，阅读时长大约4分钟 作者 | 第一财经 陈益刊 中国政府债务余额已经超过90万亿元，如何管好这笔债务形成的庞大资产十分重要。 近期全国人大常委会预工委、全国人大财经委公布了《关于2024年度政府债务管理情况的监督调研 报告》（下称《调研报告》），其中提及当前政府债务管理和风险防范化解还存在一些困难和问题时 称，政府债务资金形成资产管理仍需加强。《调研报告》建议，健全债务形成资产管理。 部分政府债务"重建设、轻管理" 粤开证券首席经济学家罗志恒告诉第一财经，政府举借的大量债务形成了庞大的国有资产，如公路、 铁路、机场、水利设施、市政设施等，但部分资产的管理存在短板，未能有效实现"资产-资金-债 务"的良性循环。一些地方"重建设、轻管理"现象突出，部分地方政府将大量精力放在争取发债额 比如，近日财政部公布《地方政府专项债券相关业务会计处理暂行规定》（下称《规定》），规范了 专项债项目单位会计核算，从而加强专项债还本付息资金管理及项目资产管理，提高专项债资金使用 效益。 ...

Core Viewpoint - The management of government debt and the assets formed from this debt is crucial, as China's government debt has exceeded 90 trillion yuan, necessitating improved asset management practices [1]. Group 1: Current Issues in Asset Management - There is a significant issue of "heavy construction, light management" in local governments, where the focus is on obtaining debt issuance quotas and initiating projects, while post-construction management is neglected, leading to asset idleness and waste [2][3]. - Audit reports from various provinces indicate incomplete asset registration and accounting, resulting in unclear asset bases and discrepancies between records and reality [3]. - The lack of effective connection between government debt and the assets formed from it is attributed to the absence of a debt and capital budgeting system, causing valuable assets to remain underutilized [3]. Group 2: Government Initiatives and Recommendations - The Ministry of Finance has introduced regulations to enhance the accounting treatment of special bonds, aiming to improve the management of repayment funds and project assets [4]. - Recommendations include conducting a comprehensive inventory of assets formed from government debt, establishing a unified asset ledger, and ensuring that each debt corresponds to specific assets and their management responsibilities [5]. - There is a call for improved lifecycle management of government investment projects, linking asset operation revenues to debt repayment, and promoting the use of existing assets to generate new funding [6]. Group 3: Current Debt and Asset Statistics - As of the end of 2024, the total government debt in China is projected to be 92.6 trillion yuan, with a debt-to-GDP ratio of 68.7%, which is considered reasonable compared to the G20 average [6]. - By the end of 2023, the total value of administrative and public service state-owned assets was 64.2 trillion yuan, with liabilities of 12.8 trillion yuan, resulting in a net asset value of 51.4 trillion yuan [7].

Government Debt Management - The National People's Congress suggests optimizing the structure of central and local government bonds, including general and special bonds, to support development while controlling risks [1] - The State Council proposes to establish a long-term regulatory mechanism for local government debt and to delegate some project review authority for special bonds [3] Debt Statistics - By the end of 2024, the national government legal debt ratio is projected to be 60.9%, with a total debt balance of 82.1 trillion yuan, leading to an adjusted debt ratio of 68.7% when including local government hidden debts [4] Bond Issuance - The Ministry of Finance plans to issue 500 billion yuan in discount treasury bonds, with competitive bidding scheduled for September 17, 2025 [6] - Henan Province has completed the issuance of 383.15 billion yuan in government bonds, with various maturities and purposes [8] - Zhejiang Province intends to issue 108.54 billion yuan in new special bonds, primarily for government investment fund projects [12] Financing Trends - In the first seven months of the year, enterprises in Henan raised 119.2 billion yuan through domestic capital markets, marking a 12.8% year-on-year increase [10] - There is a growing trend of local banks participating in the issuance of technology innovation bonds, with 50 bonds issued totaling over 260 billion yuan [21] Market Dynamics - The early redemption of urban investment bonds increased slightly in August, with a total of 1.56 trillion yuan of urban investment bonds maturing or being subject to redemption within the year [26]

Core Viewpoint - The "Research Report" highlights the achievements and ongoing challenges in government debt management and risk prevention for 2024, emphasizing the need for improvements in debt management, addressing hidden debts, and optimizing the scale and structure of government debt [1][2][3] Group 1: Government Debt Management - Government debt management requires strengthening, particularly in the management of ultra-long-term special government bonds, with a need for clearer sources of repayment and responsibilities [1] - There is a significant repayment pressure on some local government special bonds, and asset management of government debt funds needs enhancement [1] - The market-based constraint mechanism is not sufficiently robust [1] Group 2: Hidden Debt Issues - There are frequent occurrences of illegal new hidden debts and false debt reduction, with some localities mismanaging debt funds and creating new hidden debts beyond fiscal capacity [2] - Projects are being initiated outside budget constraints, posing risks of new hidden debts [2] Group 3: Debt Scale and Structure Optimization - The scale of government debt has grown rapidly due to increased counter-cyclical adjustments and active fiscal policies, with a notable rise in statutory debt [2] - As of the end of 2024, the total government debt balance is projected to be 92.6 trillion yuan, with a government debt ratio of 68.7%, which is lower than the G20 average of 118.2% [2] - The structure of government debt, characterized by a high proportion of local debt and special bonds, requires optimization [2] Group 4: Recommendations - Strengthen coordination and enhance government debt management by improving the management of ultra-long-term special bonds and establishing a better asset management system [3] - Utilize debt replacement policies effectively and prohibit the creation of new hidden debts, ensuring accountability for hidden debt issues [3] - Optimize the scale and structure of government debt to align with high-quality development, considering economic growth and fiscal sustainability [3]

Core Viewpoint - The "14th Five-Year Plan" period has seen significant growth in China's fiscal strength, with a focus on enhancing public welfare and supporting economic development through increased budget allocations and proactive fiscal policies [2][5][7]. Fiscal Revenue and Expenditure - National general public budget revenue is expected to reach 106 trillion yuan, an increase of 17 trillion yuan or approximately 19% compared to the "13th Five-Year Plan" period [1]. - National general public budget expenditure is projected to exceed 136 trillion yuan, marking an increase of 26 trillion yuan or 24% compared to the previous five-year period [1]. Investment in Public Welfare - During the "14th Five-Year Plan," significant investments have been made in key areas such as education (20.5 trillion yuan), social security and employment (19.6 trillion yuan), health care (10.6 trillion yuan), and housing security (4 trillion yuan), totaling nearly 100 trillion yuan in fiscal welfare spending [1][6]. Fiscal Policy and Economic Growth - The fiscal policy has maintained an active orientation, focusing on expanding domestic demand, improving people's livelihoods, and supporting technological innovation [5][7]. - The deficit ratio has increased from 2.7% to 3.8%, with a further rise to 4% in 2023, indicating a proactive fiscal stance [5]. Debt Management and Risk Mitigation - A comprehensive debt management strategy has been implemented, including a total of 12 trillion yuan in measures to address hidden local government debt, with significant reductions in the scale of such debts [10][11]. - By the end of 2024, the total government debt is projected to be 92.6 trillion yuan, with a government debt ratio of 68.7%, which is considered manageable compared to G20 and G7 averages [11]. Future Outlook - The government aims to establish a robust debt management mechanism aligned with high-quality development, ensuring sustainable fiscal practices and enhancing transparency in debt management [12][13].

Core Insights - The article highlights the unprecedented fiscal spending intensity during the "14th Five-Year Plan" period, which has significantly supported the development of new productive forces in China [1][2]. Fiscal Strength and Growth - National general public budget revenue is expected to reach 106 trillion yuan, an increase of 17 trillion yuan or approximately 19% compared to the "13th Five-Year Plan" period [2]. - General public budget expenditure is projected to exceed 136 trillion yuan over five years, marking an increase of 26 trillion yuan or 24% from the previous period [2]. - Over 70% of fiscal spending is directed towards the livelihood sector, ensuring that modernization benefits all citizens [2]. Social Welfare and Public Services - The number of participants in basic pension insurance has surpassed 1.07 billion, while those in basic medical insurance has reached 1.327 billion [2]. - The standard for resident medical insurance subsidies has increased from 580 yuan to 700 yuan per person per year, with rural and urban minimum living standards raised by approximately 20% [2][3]. - The scale of equalization transfer payments is set to grow from 1.9 trillion yuan in 2021 to 2.7 trillion yuan by 2025, averaging a 9.6% annual increase [3]. Fiscal Policy and Macro Control - The fiscal deficit ratio has increased from 2.7% to 3.8%, with plans to raise it further to 4% this year [4]. - New local government special bond quotas amount to 19.4 trillion yuan, with over 10 trillion yuan allocated for tax reductions and refunds [4]. - The government has implemented a range of tools, including bonds and tax incentives, to enhance policy effectiveness [4]. Support for Economic Growth - Central fiscal employment support funds have reached 318.6 billion yuan, a 29% increase from the "13th Five-Year Plan" period, contributing to over 50 million new urban jobs [5]. - The government has allocated 3.33 trillion yuan for infrastructure projects, including water conservancy and transportation [5][6]. - Approximately 4.2 trillion yuan has been allocated to support the consumption of new goods, leading to sales exceeding 2.9 trillion yuan [6]. Risk Management and Debt Control - The central government has arranged nearly 50 trillion yuan in transfer payments to local governments to ensure financial stability [7]. - A legal debt management system has been established to address hidden debts, with a focus on reducing existing liabilities [7]. - By the end of 2024, the total government debt is projected to be 92.6 trillion yuan, with a debt-to-GDP ratio of 68.7%, indicating manageable risk levels [7][8].

Core Insights - The Chinese government has made significant progress in fiscal reform and development during the "14th Five-Year Plan" period, enhancing national fiscal strength and efficiency [1][2]. Fiscal Strength and Public Budget - National general public budget revenue is expected to reach 106 trillion yuan, an increase of 17 trillion yuan or approximately 19% compared to the "13th Five-Year Plan" [2]. - Public budget expenditure is projected to exceed 136 trillion yuan, an increase of 26 trillion yuan or 24% compared to the previous plan [2]. - Over 70% of public budget expenditure is allocated to the livelihood sector, ensuring that modernization benefits all citizens [2]. Social Security and Public Services - The number of participants in basic pension insurance has surpassed 1.07 billion, and those in basic medical insurance has reached 1.327 billion [2]. - The scale of equalization transfer payments is set to grow from 1.9 trillion yuan in 2021 to 2.7 trillion yuan by 2025, with an average annual growth of 9.6% [3]. - Significant investments have been made in education and healthcare, with over 800 billion yuan allocated to enhance medical capabilities [3]. Macroeconomic Control - The fiscal deficit ratio has increased from 2.7% to 3.8%, with further increases planned [4]. - New local government special bond quotas amount to 19.4 trillion yuan, and tax reductions and refunds exceed 1 trillion yuan [4]. Employment and Economic Support - Central fiscal employment support funds have reached 318.6 billion yuan, a 29% increase from the previous plan, contributing to over 50 million new urban jobs [5]. - The government has allocated 4.2 trillion yuan to support consumption, leading to sales exceeding 2.9 trillion yuan [6]. Risk Management - The central government has arranged nearly 50 trillion yuan in transfer payments to local governments to stabilize fiscal operations [7]. - A legal debt management system has been established to address hidden debts, with a focus on reducing interest costs [7]. - By the end of 2024, total government debt is projected to be 92.6 trillion yuan, with a debt-to-GDP ratio of 68.7%, indicating manageable risk levels [7][8].

Core Insights - The article discusses the achievements and developments in fiscal reform during the "14th Five-Year Plan" period, highlighting the strengthening of national fiscal capacity and efficiency [1] Fiscal Strength and Growth - National general public budget revenue is expected to reach 106 trillion yuan, an increase of 17 trillion yuan or approximately 19% compared to the "13th Five-Year Plan" period [2] - By 2024, 16 provinces are projected to have fiscal revenue growth of over 20% compared to 2020, with 7 provinces exceeding 500 billion yuan, and 2 provinces surpassing 1 trillion yuan [2] - General public budget expenditure is expected to exceed 136 trillion yuan over five years, an increase of 26 trillion yuan or 24% compared to the previous period [2] Social Welfare and Public Services - Over 70% of national general public budget expenditure is allocated to social welfare, ensuring that modernization benefits all citizens [2] - Participation in basic pension insurance exceeds 1.07 billion people, and basic medical insurance covers 1.327 billion people [2] - The standard for resident medical insurance subsidies increased from 580 yuan to 700 yuan per person annually, with rural and urban minimum living standards raised by approximately 20% [2] Public Service Equity - The scale of equalization transfer payments is projected to grow from 1.9 trillion yuan in 2021 to 2.7 trillion yuan by 2025, averaging a 9.6% annual increase [3] - All administrative villages have access to hardened roads, with over 95% coverage for express delivery services and 94% for tap water [3] - Approximately 20 million economically disadvantaged students receive living subsidies, and 13 million children of migrant workers have access to education funding [3] Fiscal Policy and Economic Strategy - The fiscal macro-control has become more proactive, with the deficit rate increasing from 2.7% to 3.8%, and further to 4% this year [4] - New local government special bond quotas amount to 19.4 trillion yuan, with over 10 trillion yuan in tax reductions and refunds [4] - The government employs various tools, including bonds and tax incentives, to enhance policy effectiveness [4] Employment and Consumption Support - Central fiscal employment support funds amount to 318.6 billion yuan, a 29% increase from the previous period, contributing to over 50 million new urban jobs [5] - Approximately 4.2 trillion yuan has been allocated to support consumption through trade-in programs, boosting sales by over 2.9 trillion yuan [5] Innovation and R&D Investment - National fiscal spending on science and technology is expected to reach 5.5 trillion yuan, a 34% increase from the previous period [6] - Basic research funding has reached 730 billion yuan, with an annual growth rate of 12.3% [6] - R&D investment intensity is projected to rise from 2.41% at the end of the "13th Five-Year Plan" to 2.68% by 2024 [6] Risk Management and Debt Control - The central government has allocated nearly 50 trillion yuan for transfer payments to local governments, ensuring stable fiscal operations [7] - A legal debt management system has been established to address hidden debts, with a focus on reducing existing liabilities [7] - By the end of 2024, total government debt is projected to be 92.6 trillion yuan, with a debt-to-GDP ratio of 68.7%, indicating manageable risk levels [7] Financing Platform Reforms - Over 60% of financing platforms have exited, indicating significant progress in reducing hidden debts [8] - The government aims to establish a debt management mechanism aligned with high-quality development during the "15th Five-Year Plan" period [8]

◎记者 李苑 财政部部长蓝佛安9月12日在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上表示，财 政政策统筹考虑防风险和促发展，始终留有后手，未来财政政策发力空间依然充足。 创新运用财税政策工具，开发好内需这座"富矿" "十四五"时期，财政部认真落实扩大内需战略，从供需两侧协同发力，打出一系列"组合拳"，推动消费 和投资良性互动，更好发挥内需的主动力和稳定锚作用，增强高质量发展内生动力。 比如，大力支持消费品以旧换新。截至今年8月底，国家财政一共拿出约4200亿元，带动各类商品销售 额超2.9万亿元。安排专项资金，支持开展县域商业建设行动，引导释放乡村消费潜能，"十四五"以 来，乡村消费品零售额增长了24%。 为了扩大有效投资，财政部这两年安排超长期特别国债1.5万亿元，推进"两重"建设。五年来，共安排 地方政府专项债券19.4万亿元，支持建设项目15万个；安排中央预算内投资3.33万亿元，支持水利、交 通等基础设施建设。 "下一步，我们将按照党中央、国务院决策部署，创新运用财税政策工具，激发有潜能的消费，扩大有 效益的投资，开发好内需这座'富矿'，发挥好牵引力作用，为高质量发展添动能、增活力。 ...

Core Viewpoint - China has implemented a series of debt reduction measures that are showing positive results, with a focus on managing local government debt risks and promoting economic development [1][2]. Group 1: Debt Management and Issuance - As of the end of August this year, China has issued 4 trillion yuan of the 6 trillion yuan special debt limit introduced last year, with an average interest cost reduction of over 2.5 percentage points, saving more than 450 billion yuan in interest payments [1]. - In 2023, a total of 2.78 trillion yuan of new local government special bonds have been issued, with 800 billion yuan allocated to support local debt reduction efforts [1]. - The total government debt in China is projected to reach 92.6 trillion yuan by the end of 2024, with a government debt ratio of 68.7%, which is considered reasonable compared to G20 and G7 averages [1]. Group 2: Economic Development and Risk Management - The debt reduction strategy aims to free up financial resources for addressing economic development challenges, with over 60% of financing platforms expected to exit by mid-2025, indicating a significant reduction in hidden debts [2]. - The government plans to enhance debt management mechanisms aligned with high-quality development, including stricter limits on local government debt and improved transparency in debt information [2]. - There will be a focus on optimizing bond issuance scale and structure, ensuring funds are allocated effectively to major projects, while maintaining a strict regulatory environment to prevent the emergence of new hidden debts [2].