Core Points - The Ministry of Finance in China has established a new Debt Management Department to oversee domestic debt management policies and regulations, including monitoring government debt and preventing hidden debt risks [1][3] - The Minister of Finance, Lan Fo'an, emphasized a strict discipline against the creation of new hidden debts and aims to implement a long-term regulatory system for local government debt [1] - This initiative is part of China's broader strategy to address local government financing pressures and stabilize economic growth amid a slowdown [3] Summary by Category Debt Management - The newly formed Debt Management Department will draft and execute government domestic debt management policies and plans [1] - Responsibilities include setting limits on national and local government debt balances and enhancing monitoring and regulation of government debt [1] Regulatory Measures - The Ministry will enforce strict accountability for violations related to illegal borrowing and false debt resolution [1] - A unified long-term regulatory system for local government debt is being established to prevent future debt accumulation [1] Economic Context - Last year, China introduced a debt scheme totaling 10 trillion yuan (approximately 1.83 trillion SGD) to alleviate financing pressures on local governments and support weak economic growth [3] - The focus remains on resolving debts accumulated through local financing platforms, referred to as hidden debts [3]

来源：人大CMF 刘尚希 中国财政科学研究院原院长 以上观点整理自刘尚希在CMF宏观经济热点问题研讨会（第108期）上的发言 本文字数：3855字 阅读时间：12分钟 一、地方债的稳定器作用 地方债作为我国宏观调控体系的关键政策工具，在维系经济社会稳定运行过程中发挥了重要作用，在扩 大财政支出强度、优化公共资源配置方面具有结构性功能。宏观调控的核心机制在于对冲经济下行风 险，2008 年国际金融危机爆发时，中央政府通过扩大地方债发行规模，迅速形成基础设施投资增量， 有效缓冲了外部冲击带来的增长缺口；2020—2022 年新冠疫情冲击期间，地方债再次成为对冲重大风 险的主要手段，遏制了疫情导致的社会供需负反馈循环。十多年的实践表明，地方债已内化为我国宏观 调控框架中平滑经济波动、稳定总需求的常规化政策工具。 从财政政策传导机制看，地方债已成为政策信号向实体经济输送的主要通道。债券资金以项目为载体直 接下沉，全部跟随具体建设方案流转，重点投向交通、水利、生态环保等基础性领域，这些方面的用途 占历年新增债务的大部分。尽管债务资金使用集中于此，但由此带来的路网扩展与水利完善优化了整体 经济发展环境，并同步形成投资增量 ...