Core Viewpoint - The article discusses the accelerated progress of local financing platforms in China towards achieving "hidden debt clearance" as part of a broader effort to manage and mitigate local government debt risks. Group 1: Progress in Debt Clearance - Since September, various regions have reported significant advancements in the clearance of hidden debts, with some areas aiming to achieve complete clearance by the end of the year [3][4][5] - As of September 10, 82 districts and counties have successfully reached the goal of hidden debt clearance, indicating a notable acceleration in the overall progress [5][6] - The Ministry of Finance reported that over 60% of financing platforms have exited, reflecting a rapid transformation towards market-oriented operations [9][10] Group 2: Government Initiatives and Policies - The State Council emphasized the need to establish a long-term mechanism for preventing and resolving local government debt risks, including the reform of financing platforms [5][6] - Local governments are actively implementing measures to prevent the accumulation of new hidden debts while ensuring compliance with national financial support policies [3][4] - Various provinces, such as Hunan and Jiangxi, have outlined specific plans to accelerate the exit of financing platforms and manage debt risks effectively [10][11] Group 3: Financial Institutions' Role - Financial institutions, particularly banks, are playing a crucial role in supporting local platforms to reduce costs and mitigate risks, thereby enhancing the credit quality and repayment capabilities of these platforms [12][13] - The Agricultural Bank of China has committed to supporting the clearance of hidden debts while ensuring compliance with market-oriented principles [13] Group 4: Future Outlook - Analysts predict that as debt pressures decrease, local governments will have more policy space and financial capacity to focus on developing manufacturing and service sectors, facilitating smoother implementation of future economic plans [13]

21世纪经济报道记者 余纪昕 化债进程下，地方融资平台隐债"清零"工作正全面加速度。 21世纪经济报道记者注意到，9月以来，多地在本月最新披露的2025半年度预算执行报告中频频就此话 题表态，披露地方隐性债务化解进展。从加快节奏推进到计划"冲刺"，有"尖子生"省市计划在年底前完 成融资平台全部"清零"的目标。 例如9月15 日，杭州市财政局在关于杭州市的2024年决算草案和2025年上半年预算执行情况的报告中提 到，上半年高质量落实一揽子化债政策。 持续完善全市地方政府债务管理制度体系，加快地方政府融 资平台改革转型，指导各区县市充分把握政策红利，提前完成年度化债目标，深化全口径债务监测系统 应用，有效防范国企债务风险向政府传导。下半年在防范财政风险上再聚焦。推动融资平台合规用好国 家金融支持政策，确保今年底前实现融资平台清零目标，持续提升全口径债务风险监测预警能力,筑牢 地方政府债务安全防线。 民生证券固收首席分析师徐亮告诉21世纪经济报道记者，据财政部去年要求，地方政府应在2028年底之 前完成"地方隐债清零"，预计从目前到2028年底，地方政府或将拥有较多的化债资金，从而使得城投平 台的信用风险可能并不 ...

促进教育、医疗等公共资源扩容下沉。城乡义务教育学生全部免除学杂费，并获得免费教科书；约2000 万家庭经济困难学生获得生活补助；约1300万进城务工人员随迁子女实现相关教育经费可携带。累计安 排资金超800亿元，支持临床重点专科和区域医疗能力建设，强化多层次卫生健康人才培养，各级各类 医疗卫生机构服务能力明显提升。 9月12日，国务院新闻办举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍"十四五"时期财政改 革发展成效。"十四五"以来，财政部门坚持稳中求进、改革创新，顶住风险挑战，拓展发展空间，国家 财政实力持续增强，效能不断提升。 地方财政实力稳步壮大 "十四五"时期，全国一般公共预算收入预计达106万亿元，比"十三五"时期增加17万亿元，增长约 19%。地方财政实力稳步壮大，2024年，16个省份财政收入比2020年增长20%以上；7个省份超5000亿 元，其中2个省份超1万亿元。支出强度前所未有。全国一般公共预算支出5年预计超过136万亿元， 比"十三五"时期增加26万亿元，增长24%。 "十四五"以来，民生领域财政投入占全国一般公共预算支出70%以上，中国式现代化建设成果更多更公 平惠及全体人 ...

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 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。 "下一步，财政部门将继续保持政策连续性稳定性，增强灵活性预见性，加强对形势的前瞻研判， 做好政策储备，主动靠前发力，为经济社会高质量发展贡献财政力量。" 蓝佛安 说。 全国一般公共预算支出 五年预计超过136万亿元 谈及"十四五"时期财政事业的发展成就，蓝佛安介绍，国家财政实力大大增强，集中财力办成许多 大事要事。 一方面，收入"蛋糕"越来越大 。"十四五"时期，全国一般公共预算收入预计达到106万亿元， 比"十三五"时期增加17万亿元，增长约19%。地方财政实力稳步壮大，从2024年数据看，16个省 份财政收入比2020年增长20%以上；7个省份超5000亿元，其中2个省份超1万亿元。 另一方面，支出强度前所未有 。全国一般公共预算支出五年预计超过136万亿元，比"十三五"时期 增加26万亿元，增长24%。同时，结构不断优化 ...

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。 "下一步，财政部门将继续保持政策连续性稳定性，增强灵活性预见性，加强对形势的前瞻研判，做好 政策储备，主动靠前发力，为经济社会高质量发展贡献财政力量。"蓝佛安说。 全国一般公共预算支出 五年预计超过136万亿元 谈及"十四五"时期财政事业的发展成就，蓝佛安介绍，国家财政实力大大增强，集中财力办成许多大事 要事。 一方面，收入"蛋糕"越来越大。"十四五"时期，全国一般公共预算收入预计达到106万亿元，比"十三 五"时期增加17万亿元，增长约19%。地方财政实力稳步壮大，从2024年数据看，16个省份财政收入比 2020年增长20%以上；7个省份超5000亿元，其中2个省份超1万亿元。 另一方面，支出强度前所未有。全国一般公共预算支出五年预计超过136万亿元，比"十三五"时期增加 26万亿元，增长24%。同时，结构不断优化，更多"真金白银"投向了发展大事和民生实事。 "国家财政的民生导向更加鲜明，中国式现代化建设成果更多更公平惠及全体人民。" ...

Core Points - The Guangzhou Municipal Standing Committee will hold its 40th meeting from July 21 to 22, 2023, to discuss various legislative proposals and government reports [2][3] Group 1: Legislative Proposals - The agenda includes the review and voting on the revised draft of the Guangzhou Land Spatial Planning Regulations and the revised draft of the Guangzhou Housing Safety Management Regulations [2][3] - Additional proposals for review include the second draft of the Guangzhou Patent Protection and Promotion Regulations, the second draft of the Guangzhou Vocational Education Promotion Regulations, and the draft of the Guangzhou Gas Management Regulations [3] Group 2: Government Reports - The meeting will hear reports from the municipal government regarding the execution of the national economic and social development plan for the first half of 2025 and the execution of the municipal budget for the same period [3] - The government will also present the first budget adjustment plan for 2025 and reports on local government debt management for 2024 and the first half of 2025, as well as the status of drug safety and the management of rural homestays [3] Group 3: Court and Committee Reports - Reports from the Guangzhou Maritime Court, Guangzhou Intellectual Property Court, and Guangzhou Internet Court will be presented, focusing on their roles in supporting the development of modern urban construction and cultural industries [3] - The Standing Committee will also review the implementation of the Guangzhou Support for Private Economic Development Regulations [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The central government's fiscal policy remains actively oriented, with increased investment in people's livelihood, consumption, and long - term development. In 2024, special bonds supported over 40,000 projects and contributed over 350 billion yuan as project capital. From January to May 2025, new local bonds worth 1.98 trillion yuan were issued, a 36.6% increase [5]. - Local government debt management continues to be strengthened. In 2024, the number of local financing platforms decreased by more than 7,000. As of June 29, 2025, the issuance of refinancing bonds for replacing existing implicit debt reached 1.8 trillion yuan, completing 89.8% of the quota [5]. - The issuance scale and net financing of local government bonds and urban investment bonds have changed. The issuance and net financing of local government bonds increased significantly this week, while the issuance scale of urban investment bonds rose, and the net financing turned positive [5]. 3. Summary by Directory 3.1. News Review - **2024 Central Final Account Draft and Review Report**: In 2024, fiscal reform and development achieved new progress. The central final account was generally favorable. In 2025, more active fiscal policies were implemented, and local government debt management was strengthened. The number of financing platforms decreased by over 7,000. Future work will focus on optimizing fiscal policies and debt management [5]. - **Inner Mongolia Optimizes Special Bond Management Mechanism and Sichuan Supports Cultural and Tourism Industry Financing**: Inner Mongolia issued an implementation opinion to optimize special bond management from six aspects. Sichuan introduced a decision to support the cultural and tourism industry, which is beneficial for the financing and transformation of cultural and tourism - related urban investment enterprises [5]. - **26 Urban Investment Enterprises Pre - paid Bond Principal and Interest**: This week, 26 urban investment enterprises pre - paid bond principal and interest, involving 27 bonds with a total scale of 6.146 billion yuan, an increase of 2.06 billion yuan from the previous value [5]. - **Two Urban Investment Bonds Cancelled Issuance**: "25 Guangzhou Metro MTN002" and "25 Huai'an Huai'an PPN002" cancelled issuance, with a planned total issuance scale of 2.1 billion yuan. As of June 29, 60 urban investment bonds had been postponed or cancelled this year, with a total scale of 37.448 billion yuan [5]. 3.2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds - **Local Government Bonds**: This week, 161 local government bonds were issued, with a scale of 641.64 billion yuan, a 145.13% increase from the previous value. The net financing increased by 350.68% to 560.352 billion yuan. The weighted average issuance rate rose by 9.97BP to 1.82%, and the weighted average issuance spread widened by 1.17BP to 11.36BP [5]. - **Urban Investment Bonds**: 213 urban investment bonds were issued, with a scale of 136.601 billion yuan, a 5.99% increase from the previous value. The net financing increased by 449.77 billion yuan to 12.344 billion yuan. The average issuance rate was 2.27%, a 2.49BP increase from the previous value, and the issuance spread widened by 2.82BP to 80.71BP [5]. 3.3. Trading of Local Government Bonds and Urban Investment Bonds - **Urban Investment Rating Adjustment**: On June 24, Zhongchengxin International upgraded the ratings of Hunan Liuyang Urban and Rural Development Group Co., Ltd. and its related bonds from AA+ to AAA. On June 25, Lianhe Credit Rating upgraded the rating of Hunan Yongzhou Xiaoxiangyuan Urban Development Group Co., Ltd. from AA+ to AAA [5]. - **Urban Investment Credit Events and Regulatory Penalties**: No urban investment credit risk events occurred this week [5]. - **Local Government Bonds**: The spot trading volume of local government bonds was 546.611 billion yuan, a 0.40% increase from the previous value. The maturity yields generally increased, with an average increase of 2.29BP [5]. - **Urban Investment Bonds**: The trading volume of urban investment bonds was 377.672 billion yuan, a 0.33% decrease from the previous value. The maturity yields generally increased, with an average increase of 1.78BP. The spreads of 1 - year, 3 - year, and 5 - year AA+ urban investment bonds widened [5]. - **Abnormal Trading of Urban Investment Bonds**: Under the broad - based definition, 22 urban investment entities' 23 bonds had 27 abnormal trades, with a decrease in the number of entities, bonds, and abnormal trading times [5]. 3.4. Important Announcements of Urban Investment Enterprises This week, 33 urban investment enterprises issued announcements regarding changes in senior management, legal representatives, directors, supervisors, etc., as well as changes in controlling shareholders, actual controllers, equity/asset transfers, suspected disciplinary violations, and business scope changes [5].

Core Viewpoint - The article discusses the reintroduction of special bonds for land reserves in China after a five-year suspension, highlighting the reasons for the initial halt and the current economic context that necessitates this move [1][2]. Group 1: Historical Context of Land Reserve Bonds - The land reserve system in China was established in 2001, with funding sources evolving through various phases, including the initial reliance on loans, the introduction of special bonds in 2017, and the suspension of these bonds from September 2019 to October 2024 [2][5][9]. - The special bonds for land reserves were first launched in 2017 and saw significant issuance until their suspension in 2019, which was aimed at regulating the real estate market and directing funds towards infrastructure [10][14]. Group 2: Characteristics of the Current Land Reserve Bonds - The current round of land reserve special bonds is distinct from previous issuances, focusing on acquiring idle land that has been supplied but not developed, particularly from enterprises unable or unwilling to continue development [25][36]. - The issuance of these bonds is intended to alleviate financial pressure on local governments and stabilize the real estate market by optimizing land resource allocation from "incremental expansion" to "stock optimization" [25][36]. Group 3: Issuance and Progress of Land Reserve Bonds - As of April 17, 2025, only nine bonds related to land reserves have been issued, totaling approximately 850.97 billion yuan, with 516.74 billion yuan specifically allocated for land reserves [27][30]. - The slow issuance pace is attributed to the recent establishment of detailed guidelines for the bonds and the concurrent issuance of debt to replace hidden liabilities, which has crowded out the issuance window for land reserve bonds [27][36]. Group 4: Analysis of Land Acquisition - The proposed land for acquisition primarily includes mixed-use, residential, and commercial properties, with a significant portion of the land being targeted for acquisition by state-owned enterprises and local government financing platforms [36][41]. - The average discount rate for land acquisition is approximately 12%, with state-owned enterprises receiving lower discounts compared to private enterprises, which face higher acquisition costs [46].

以下文章来源于申万宏源固收研究 ，作者黄伟平 张晋源 申万宏源固收研究 . 申万宏源证券研究所债券研究部 【申万宏源债券】黄伟平 张晋源 摘要 1）2001-2015年，土储贷款是土地储备的主要来源；2） 2015年以来，地方政府债务管控规范化背景下，土储贷款被叫停；3）2017年土储专项债正式启 动，2017年-2019年间密集发行，成为土储资金的重要来源；2019年9月-2024年10月，土储专项债被叫停发行；4）2024年9月，房地产承压、城投托底压 力上升背景下，2024年10月12日国新办新闻发布会提及"允许专项债券用于土地储备"，土储专项债正式重启。 2024年10月12日，国新办发布会提及"允许专项债券用于土地储备"，土储专项债自2019年9月国常会被叫停以来，时隔五年重启发行。土储专项债缘何 被叫停，又为何重启，土地市场下行背景下能带来怎样的增量支持，本文尝试分析： 2001年我国土储制度正式确立以来，土储资金来源经历了几轮变革： 本轮土地储备专项债的核心特征： 1）收储对象与之前的土储专项债有明显区别： 主要包括 "企业无力或无意愿继续开发、已供应未动工的房地产用地，以及其他符合收回收购条件 ...

Group 1: National People's Congress (NPC) Meeting - The 14th NPC's third session will last for 7 days, starting on March 5 and concluding on March 11, with a total of 7 agenda items including the review of the government work report [2] - The NPC aims to enhance the People's Congress system to support the modernization of China, focusing on legislative and supervisory roles, and maintaining close ties with the public [3] Group 2: Legislative Achievements - Since the last NPC session, 39 legal proposals were reviewed, with 24 passed, including 6 new laws and 14 amendments, reflecting progress in the legislative work [4] - Legislative outcomes are aimed at accelerating new productive forces, ensuring citizens' aspirations for a better life, and supporting high-level openness [4] Group 3: Economic Outlook - The Chinese economy showed a significant recovery with a GDP surpassing 130 trillion yuan, achieving a 5% growth, despite facing external challenges and domestic demand issues [10] - The government remains confident in the long-term positive trend of the economy, emphasizing its resilience and potential [10] Group 4: Private Economy Development - The draft Private Economy Promotion Law is under review, aiming to ensure equal legal protection for all forms of ownership and promote healthy development of the private sector [6] Group 5: International Relations - The essence of China-U.S. economic relations is mutual benefit, with trade volume increasing over 200 times since diplomatic relations were established [7] - China emphasizes the importance of stable and healthy China-Europe relations, highlighting mutual benefits and cooperation in various fields [11] Group 6: Defense Budget - China's defense budget has maintained a single-digit growth for nine consecutive years, with the defense expenditure as a percentage of GDP remaining below 1.5%, lower than the global average [14] Group 7: Regional Development - The Guangdong-Hong Kong-Macao Greater Bay Area has seen significant economic growth, with a total economic output exceeding 14 trillion yuan, and improved connectivity among the three regions [16] Group 8: Global South Cooperation - China has been a participant and leader in South-South cooperation, contributing significantly to global economic growth, and aims to strengthen legislative exchanges with other developing countries [17]