1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - As of April 28, 2025, the Ministry of Finance has issued five notifications on typical cases of accountability for local government implicit debt, with the latest on April 18, 2025, which expanded the scope of investigations and emphasized a zero - tolerance attitude [1][9]. - The violation cases mainly involve two types: new implicit debt and false debt resolution, with new implicit debt being the dominant form. Provinces such as Jiangxi, Henan, and Anhui have more reported cases [3][18]. - By analyzing the similarities and differences in the general and summary paragraphs of the five notifications, the evolution of implicit debt supervision logic can be understood [1][10]. 3. Summary by Relevant Catalogs 3.1. Previous Ministry of Finance Notifications on Implicit Debt Accountability - **Notification Times**: There were five notifications in total. In 2022, there were two (May 18 and July 29), and one each in 2023 (November 6), 2024 (September 19), and 2025 (April 18) [1][9]. - **General Paragraph Similarities**: All notifications are based on the requirements of the Party Central Committee and the State Council for "lifelong accountability and retroactive investigation" of implicit debt issues, focus on new implicit debt and false debt resolution, and aim to deter through case notifications [10]. - **General Paragraph Differences**: - 2025.4.18: Expanded the scope of investigations to three types, added a zero - tolerance statement, and had a broader timeframe for case investigations [2][11]. - 2024.9.19: Quoted the spirit of the Third Plenary Session of the 20th CPC Central Committee and had a more time - sensitive case selection [11]. - 2023.11.6: Investigated cases since 2022 [12]. - 2022.7.29: Focused on financing platform companies' illegal financing [12]. - 2022.5.18: Had a unique "set an example" statement [12]. - **Summary Paragraph Differences**: - 2025.4.18: Emphasized political stance, elevated debt resolution to an important political task, added cross - departmental joint punishment, and proposed preventing repeated debt [14]. - 2024.9.19: Similar to the 2023 notification [15]. - 2023.11.6: Changed the statement to "effectively improve the political stance" [16]. - 2022.7.29: Targeted financing platform companies for strict control [16]. - 2022.5.18: Mentioned the economic situation and proposed a pressure - transmission management mechanism [16]. 3.2. Concerns in Notified Cases - **Violation Types and Regional Distribution**: Violation cases mainly revolve around new implicit debt and false debt resolution, with new implicit debt being more prevalent. Jiangxi, Henan, and Anhui have more cases, and false debt resolution cases are mainly in Jiangxi, Jilin, Anhui, Inner Mongolia, and Hunan [3][18]. - **Forms of New Implicit Debt**: - Borrowing or advancing funds through state - owned enterprises, public hospitals, schools, etc. for projects that should be funded by the fiscal budget [24][25]. - Directly borrowing from or occupying funds of local state - owned enterprises [27]. - Illegal financing by financing platforms through fiscal guarantees, government commitment letters, or collateral of public welfare assets [28][29]. - Promising minimum returns, repurchasing principal and interest of social capital, and other illegal PPP project packaging [30]. - **Forms of False Debt Resolution**: - Using state - owned enterprises to finance and repay implicit debt while wrongly recording it as debt resolution [31]. - Changing contract amounts as debt resolution [32][33].

【四部门联合推进CIPS功能升级与全球网络覆盖】 4月21日，中国人民银行、金融监管总局、国家外汇局以及上海市人民政府四部门联合印发了《上海国 际金融中心进一步提升跨境金融服务便利化行动方案》。方案明确提出，将提升人民币跨境支付系统 （CIPS）的功能和全球网络覆盖，推动更多银行加入CIPS，并持续扩大其网络覆盖范围。此外，方案 还涵盖了优化外汇业务管理模式、完善企业集团全球资金管理体系、拓展自由贸易账户功能及应用场 景，以及推动金融机构提升数字化服务水平等多项措施。这些举措旨在更好地支持"走出去"企业，提升 跨境金融服务的便利性和效率。 【美国关税战影响对外贸易链，沿海中小银行密集出台措施应对】 在对等关税政策的影响下，多家中小银行表示影响有限且整体可控。银行已对相关情况进行摸底和调 研，并制定相应举措。尽管关税政策对区域内企业影响深远，但银行服务的中小微企业较多，外贸相关 客户占比不高，影响相对有限。 【上市银行积极应对关税战风险】 近日，多家上市银行回应了关税战对其业务可能产生的影响。银行表示，已充分认识到美国关税政策可 能对贷款需求和净息差带来的压力，但短期风险可控，未来存在机遇。为应对关税战，银行正 ...