Core Insights - The article discusses the ongoing efforts and challenges faced by local governments in China to exit financing platforms and clear hidden debts by 2027, as mandated by central authorities [2][3][8] Group 1: Financing Platform Exit Requirements - The exit of financing platforms is guided by four main criteria: clearing local government hidden debts, having no financial debts or obtaining consent from at least two-thirds of financial creditors, separating government financing functions, and maintaining economic and financial stability [3] - The process of exiting financing platforms is primarily focused on the repayment of hidden debts, after which the platform can continue to operate normally [3] Group 2: Challenges in Debt Repayment - The most significant challenge in this process is finding incremental funds to repay debts, as existing policies have not fully covered the risks associated with local hidden debts [4][10] - Local governments are increasingly relying on bond replacements to convert hidden debts into explicit debts, but the annual quotas are often insufficient to cover all hidden debts, necessitating the search for additional funding [10] Group 3: Transformation of Financing Platforms - The transformation of financing platforms is entering a critical phase, with concerns about whether these platforms can truly exit their financing roles for local governments [5][18] - The article highlights that while financing platforms may no longer be responsible for financing local governments, they can still find ways to finance government-led projects if fiscal needs arise [5] Group 4: Progress and Statistics - As of mid-2025, over 60% of financing platforms have exited, indicating significant progress in clearing hidden debts [8] - Recent data shows that more than 4,500 city investment enterprises have exited financing platforms, with a 71% reduction in the number of financing platforms compared to March 2023 [9] Group 5: Debt Classification and Solutions - The article outlines a method of debt classification, distinguishing between government debt, hidden debt, operational debt, and overdue payments to enterprises [11] - Strategies for resolving hidden debts include fiscal debt management, financial debt management through market mechanisms, and revitalizing assets to generate revenue for debt repayment [15][16] Group 6: Regulatory and Policy Framework - The central government emphasizes the need for a robust regulatory framework to prevent the re-emergence of hidden debts and ensure that financing platforms do not revert to their previous roles [20] - The article suggests that a clear policy guideline is needed to help local governments navigate the complexities of debt resolution and asset management [20]

2025.10. 27 本文字数：1842，阅读时长大约3分钟 作者 | 第一财经 陈益刊 随着一揽子防范化解地方政府隐性债务风险政策快速落地，地方政府融资平台公司数量大幅压减。 10月26日，在十四届全国人大常委会第十八次会议上，受国务院委托，中国人民银行行长潘功胜作 了国务院关于金融工作情况的报告。报告在谈及防范化解金融风险隐患方面称，经过中央和地方各方 面努力，2025年9月末，全国融资平台数量、存量经营性金融债务规模较2023年3月末分别下降 71%、62%，风险明显缓释。 这意味着仅用两年半时间，中国压降地方政府融资平台公司数量超过七成。 地方政府融资平台公司，是指由地方政府及其部门和机构、所属事业单位等通过财政拨款或注入土 地、股权等资产设立，具有政府公益性项目投融资功能，并拥有独立企业法人资格的经济实体，包括 各类综合性投资公司等。 不少地方政府融资平台公司事实上承担着政府融资职能，是地方经济发展的主力军和城市建设的先锋 军，推动了地方经济发展，但与此同时过度举债、管理不规范等问题，也带来地方政府隐性债务快速 膨胀，给地方经济财政运行带来较大风险。 长期关注政府投融资的中央财经大学教授温来成告诉 ...

不少地方政府融资平台公司事实上承担着政府融资职能，是地方经济发展的主力军和城市建设的先锋 军，推动了地方经济发展，但与此同时过度举债、管理不规范等问题，也带来地方政府隐性债务快速膨 胀，给地方经济财政运行带来较大风险。 此前中国就已开始清理规范地方政府融资平台，2014年随着新预算法获通过，并首次打开省级政府发行 政府债券来筹资"前门"，国务院也宣布剥离政府融资平台公司政府融资职能"后门"，融资平台公司不得 新增政府债务。 温来成表示，在2015年正式施行新预算法之前，法律层面地方政府并没有发行政府债券筹资权力，而地 方又承担较多经济建设职能，在财政资金不能满足需求的客观情况下，地方政府融资平台公司应运而 生，承担着不少地方公益性项目建设筹资职能。而随着新预算法施行后，地方政府可以通过发行政府债 券筹资，从历史使命来看，绝大多数融资平台公司就需要退出历史舞台。 随着一揽子防范化解地方政府隐性债务风险政策快速落地，地方政府融资平台公司数量大幅压减。 10月26日，在十四届全国人大常委会第十八次会议上，受国务院委托，中国人民银行行长潘功胜作了国 务院关于金融工作情况的报告。报告在谈及防范化解金融风险隐患方面称，经 ...