Core Viewpoint - The focus of the discussion is on the necessity of revitalizing existing assets and managing debt effectively in the context of China's economic transformation, particularly emphasizing the shift towards equity financing for emerging industries like the digital economy [1][2][3]. Group 1: Debt and Asset Management - China's debt structure heavily relies on state credit and real estate collateral, with significant burdens in three main areas: local government financing for public utilities and infrastructure, real estate market adjustments, and debts from "zombie" enterprises [1][2]. - The current debt burden is a legacy issue, necessitating a shift towards equity funding for new industries, especially in the digital economy, which requires substantial investment due to its transformative nature [2][3]. Group 2: Revitalization Strategies - The revitalization of existing assets is a key focus for the "15th Five-Year Plan," with three main strategies: debt restructuring, enhancing asset management and governance, and isolating asset-liability cycles to facilitate resource reallocation [3]. - The need for market-oriented reforms in public utility pricing is highlighted, aiming to ensure the sustainability of services while improving operational efficiency and reducing unnecessary negative cash flows [3].

（资料图） 陈道富表示，上述三大领域债务是过去带来的债务负担。面对当前新兴产业的投资周期，由于未来收益 具有高度不确定性，尤其是数字经济，其实更需要股权类资金。因为数字经济对经济的促进作用，不像 其他技术是叠加式的（新的技术叠加原有技术来实现收益），数字经济技术会带来根本性的改造。因 此，对这些领域进行投资时，用债务资金来支撑是比较困难的，更需要股权类资金加以支持。 陈道富表示，需要更加重视盘活存量。2024年中央经济工作会议要求统筹做优增量和盘活存量的关系， 全面提高资源配置效率，并部署了房地产、产业园区、地方债等领域的盘活路径。2025年中央经济工作 会议也明确指出，要做优增量、盘活存量。党的二十届四中全会明确将资源的盘活提上议事日程，盘活 手段包括并购、破产、置换，盘活对象包括低效用地、闲置房产、存量基础设施、行政事业单位的存量 国有资产，甚至被查封冻结的财产。 陈道富表示，"十五五"期间，盘活存量将会是一大重点工作。盘活存量的三个路径需要同时推进。 第一，现在正在进行的债务置换或债务重组，在一定时期内是必要的，在既有框架相对稳定的基础上， 还需要在规模上、在速度上、在结构上有更多的优化。 21世纪经济 ...