Core Viewpoint - The article discusses the recent developments in the management of local government hidden debts in China, highlighting the increased accountability measures and the focus on grassroots government actions and project-related hidden debts [1][2][6]. Summary by Sections Hidden Debt Accountability Cases - Since the initiation of the new round of hidden debt resolution work in 2022, the Ministry of Finance has reported 44 typical cases of "hidden debt accountability," indicating a strengthened regulatory approach towards local hidden debts [2][12]. - The accountability cases are primarily concentrated in low-tier cities in central and western regions, with significant occurrences in provinces like Jiangxi, Henan, and Anhui [3][15]. Changes in 2025 Accountability Cases - The 2025 accountability cases show a shift towards focusing on grassroots government behavior and project-related hidden debts, reflecting a "penetrating" regulatory approach [4][17]. - The accountability cases in 2025 emphasize the actions of city, district, and county-level governments, with specific instances of accountability involving local industrial development committees [4][20]. New Directions for Hidden Debt - New hidden debt allocations in 2025 include funds for paying off loans for shantytown renovations and high-standard farmland improvement projects, indicating a trend of local governments resorting to hidden debts for project financing [5][23]. - The accountability measures reveal that local governments are increasingly using hidden debts to cover construction costs and repay existing debts, reflecting financial pressures on local budgets [7][23]. Reform Signals Behind Hidden Debt Accountability - The changes in hidden debt accountability cases signal a heightened emphasis on high-quality construction and strict regulation of new hidden debts, as highlighted in recent central government meetings [6][31]. - The accountability measures also point to the need for reform in the fiscal relationship between central and local governments, as local governments face pressures in maintaining basic financial obligations [7][38]. Fiscal System Reform - The article suggests that fiscal system reform is crucial for preventing hidden debts and addressing the competitive pressures faced by local governments, which have increasingly relied on high-tax industries and central subsidies [7][38].

Economic Outlook - The Huachuang Macro WEI index has slightly increased to 6.35% as of July 27, up from 5.84% on July 20, indicating a recovery in infrastructure and durable goods consumption [2][8] - The land premium rate has risen for three consecutive weeks, reaching 9% as of July 27, with a four-week average of 6.9%, compared to 5.47% in June [2][12] Consumption Trends - Service consumption has shown a decline, with subway ridership remaining stable at an average of 81.53 million daily in 27 cities, and domestic flight numbers increasing by only 0.8% year-on-year [3][12] - Retail sales of passenger vehicles have decreased, with a year-on-year growth of 5% as of July 27, down from 17% previously [3][12] - The sales of commercial residential properties have seen a significant drop, with a 22% year-on-year decrease in July compared to 17.6% in June [3][12] Production Insights - Infrastructure activity is performing better than last year, with asphalt plant operating rates at 33% as of July 30, up 6.7% year-on-year [3][16] - Coal throughput at Qinhuangdao port has shown a year-on-year growth of 11.8% in July, down from 24.4% in June [3][19] Trade Developments - Port container throughput has experienced a seasonal decline, with a week-on-week decrease of 6.5% as of July 27, while the four-week cumulative year-on-year growth is 5.6% [3][21] - The U.S. import figures have shown a significant drop, with a year-on-year decrease of 20.5% in July [3][22] Price Movements - A decline in commodity prices has been observed, with the South China index down 2.5% and the RJ/CRB commodity price index down 2.3% [3][37] - Prices for upstream solar and lithium carbonate have significantly decreased, with polysilicon futures down 3.1% and lithium carbonate futures down 13.7% [3][38] Debt and Interest Rates - The issuance of special bonds has exceeded the pace of the previous year, with a total of 2.82 trillion yuan issued, representing 64% of the annual target [4][43] - Interest rates have decreased, with the one-year, five-year, and ten-year government bond yields reported at 1.3734%, 1.5686%, and 1.7059%, respectively [4][51]

Economic Indicators - The Huachuang Macro WEI index rose to 6.35% as of July 27, up from 5.84% on July 20, marking an increase of 0.52 percentage points[2] - The land premium rate increased to 9% for the week ending July 27, with a four-week average of 6.9%, compared to 5.47% in June[11] Consumer Trends - Subway ridership in 27 cities averaged 81.53 million daily in July, roughly unchanged from last year, while domestic flight numbers increased by 0.8% year-on-year to 14,700 flights in early August[9] - Retail sales of passenger vehicles grew by 5% year-on-year as of July 27, down from 17% previously, indicating a slowdown in durable goods consumption[9] Trade and Shipping - Port container throughput fell by 6.5% week-on-week as of July 27, with a four-week cumulative year-on-year growth of 5.6%[24] - U.S. imports showed a decline, with a year-on-year drop of 20.5% in late July, and imports from China decreased by 25.6%[25] Commodity Prices - Prices for upstream photovoltaic materials and lithium carbonate have significantly dropped, with rebar prices down by 2.9% and lithium carbonate futures down by 13.7%[3] - The South China Glass Index fell by 19.1%, indicating a broader decline in commodity prices amid reduced "involution" sentiment[41] Debt and Financing - New special bond issuance reached 2.82 trillion yuan, achieving 64% of the annual target, faster than the previous year[5] - The Ministry of Finance reported six cases of local government hidden debt, emphasizing the need to manage and mitigate hidden debt risks[53]

据财政部官网披露，党中央、国务院高度重视防范化解地方政府隐性债务（以下简称"隐性债务"）风险，明 确要求对隐性债务问题终身问责、倒查责任。 近年来，财政部会同相关部门持续加大工作力度，始终保持高压态势，严肃查处新增隐性债务、少报漏报隐性 债务和隐性债务化解不实等违法违规行为，推动有关地方和部门依法依规问责。为坚决遏制新增隐性债务，进 一步严肃财经纪律，发挥警示教育作用，现将其中六起隐性债务问责典型案例通报如下： 一、辽宁省沈阳市辽中区通过国有企业举债融资实施高标准农田改造提升项目，新增隐性债务 5.2 亿元； 2018 年 10 月以来，成都交通投资集团有限公司、成都兴城投资集团有限公司等 2 家国有企业为成都市本级 及成都高新技术产业开发区、成都东部新区、龙泉驿区、简阳市、金堂县的市政道路等公益性项目垫资，截至 2023 年 6 月底共计垫资 160.7 亿元，形成新增隐性债务 160.7 亿元。 2020 年 10 月以来，成都兴锦生态建设投资集团有限公司等 15 家国有企业，按照相关区（市）政府及有关部 门会议要求等，代锦江区、武侯区、青羊区、成华区、金牛区、彭州市政府缴纳轨道交通发展专项资金共计 81 ...

Monetary Policy and Economic Support - The People's Bank of China continues to implement a moderately loose monetary policy, focusing on preventing excessive exchange rate fluctuations and increasing financing support for key areas such as "two new" and "two heavy" [2] - The National Development and Reform Commission (NDRC) announced the release of the fourth batch of 69 billion yuan in funding to support the consumption of old goods, completing the annual plan of 300 billion yuan [2] Company Performance - Ninebot reported a revenue of 11.742 billion yuan for the first half of 2025, a year-on-year increase of 76.14%, with a net profit of 1.242 billion yuan, up 108.45% [5] - Hikvision achieved a revenue of 41.818 billion yuan, a 1.48% increase year-on-year, with a net profit of 5.657 billion yuan, up 11.71% [5] - Cangge Mining reported a revenue of 1.678 billion yuan, a decrease of 4.74%, but a net profit of 1.8 billion yuan, an increase of 38.80% [5] - Chipone expects a revenue of approximately 584 million yuan for Q2 2025, a quarter-on-quarter increase of 49.90% [5] Corporate Developments - Zhongyou Engineering received a project award letter for a seawater pipeline project in Iraq worth 2.524 billion USD (approximately 18.032 billion yuan), which could positively impact future revenue and profits [7] - BYD reported July car sales of 344,296 units, a year-on-year increase of 0.27%, with cumulative sales from January to July reaching 2.49 million units, up 27% [6] - China Shenhua announced plans to issue shares and pay cash to acquire coal-related assets from its controlling shareholder, the National Energy Group [8] Industry Trends - The report from CITIC Securities suggests focusing on high-growth sectors such as overseas computing chains, innovative pharmaceuticals, wind power, and military industry, while also monitoring the progress of domestic computing and AI applications [8]

（原标题：多名干部被问责！财政部通报） 财政部网站截图 党中央、国务院高度重视防范化解地方政府隐性债务（以下简称隐性债务）风险，明确要求对隐性债务 问题终身问责、倒查责任。近年来，财政部会同相关部门持续加大工作力度，始终保持高压态势，严肃 查处新增隐性债务、少报漏报隐性债务和隐性债务化解不实等违法违规行为，推动有关地方和部门依法 依规问责。为坚决遏制新增隐性债务，进一步严肃财经纪律，发挥警示教育作用，现将其中六起隐性债 务问责典型案例通报如下： 一、辽宁省沈阳市辽中区通过国有企业举债融资实施高标准农田改造提升项目，新增隐性债务5.2亿 元。2023年3月，沈阳近海高标准农田建设有限公司向中国农业发展银行沈阳市辽中区支行贷款5.2亿 元，用于2023年沈阳市辽中区高标准农田改造提升项目，沈阳市辽中区政府承诺用该项目粮食产能指标 交易资金偿还贷款，形成新增隐性债务5.2亿元。中共辽宁省纪律检查委员会、辽宁省监察委员会依纪 依规组织对相关责任人予以问责。对时任辽中区常务副区长程某某给予诫勉；对时任辽中区副区长郝某 给予诫勉；对时任辽中区财政局党组书记、局长徐某某给予批评教育，责令作出书面检查，并进行通 报；对时任辽 ...

Core Viewpoint - The article discusses the increasing scrutiny and accountability measures taken by the Ministry of Finance regarding local government hidden debt risks, highlighting recent cases of illegal debt accumulation by local state-owned enterprises [3][9]. Summary by Sections Hidden Debt Cases - The Ministry of Finance reported six cases of local governments illegally accumulating hidden debt totaling 1410.14 billion yuan, with significant amounts from Xiamen and Chengdu, each exceeding 600 billion yuan [3][9]. - Xiamen's hidden debt was primarily due to state-owned enterprises financing land development and housing projects, amounting to 683.96 billion yuan [4][5]. - Chengdu's hidden debt arose from state-owned enterprises funding urban renewal and public projects, totaling 614.08 billion yuan [6][9]. - Wuhan's East Lake New Technology Development Zone also reported significant hidden debt of 103.85 billion yuan, primarily from state-owned enterprises funding government projects [7][9]. Accountability Measures - The article details that local leaders, including deputy mayors and finance directors, have been held accountable through various disciplinary actions for their roles in these hidden debt cases [8][9]. - The Ministry of Finance emphasizes the need for strict adherence to regulations and the importance of accountability in preventing further hidden debt accumulation [9]. Broader Implications - The article indicates that these cases reflect a broader issue of misaligned performance metrics among local leaders, which undermines efforts to manage hidden debt risks effectively [9]. - The Ministry of Finance plans to enhance its oversight and enforcement mechanisms to address illegal debt accumulation and ensure compliance with national policies [9].

一、辽宁省沈阳市辽中区通过国有企业举债融资实施高标准农田改造提升项目，新增隐性债务5.2亿元。 2023年3月，沈阳近海高标准农田建设有限 公司向中国农业发展银行沈阳市辽中区支行贷款5.2亿元，用于2023年沈阳市辽中区高标准农田改造提升项目，沈阳市辽中区政府承诺用该项目粮食 产能指标交易资金偿还贷款，形成新增隐性债务5.2亿元。中共辽宁省纪律检查委员会、辽宁省监察委员会依纪依规组织对相关责任人予以问责。对 时任辽中区常务副区长程某某给予诫勉；对时任辽中区副区长郝某给予诫勉；对时任辽中区财政局党组书记、局长徐某某给予批评教育，责令作出书 面检查，并进行通报；对时任辽中区农业农村局党组书记、局长山某某给予批评教育，责令作出书面检查，并进行通报；对时任辽宁近海控股集团有 限公司董事长任某给予诫勉；对时任沈阳近海高标准农田建设有限公司董事长贾某给予批评教育，责令作出书面检查，并进行通报；时任辽中区区长 卜某某本应给予党内警告处分，鉴于其因严重违纪违法已被开除党籍、开除公职，不再给予相应处分；对其他相关人员一并进行了处理。 二、福建省厦门市通过国有企业垫资实施土地一级开发项目、安置型商品房项目等，新增隐性债务683. ...

Core Viewpoint - The article emphasizes the importance of preventing and resolving local government hidden debt risks, highlighting the need for accountability and strict enforcement of financial discipline [2][10]. Summary by Sections Case 1: Liaoning Province - In Shenyang, the local government incurred hidden debt of 520 million yuan through a state-owned enterprise for a high-standard farmland improvement project [3]. - Several officials were held accountable, receiving various forms of reprimand and education [3]. Case 2: Fujian Province - Xiamen's local government accumulated hidden debt of 68.396 billion yuan through state-owned enterprises for land development and housing projects [4]. - Multiple officials faced disciplinary actions, including severe warnings and reprimands [4]. Case 3: Shandong Province - Dezhou's Lingcheng District added hidden debt of 14.5 million yuan for a high-standard farmland construction project, financed by a state-owned enterprise [5]. - Relevant officials received various penalties, including reprimands and warnings [5]. Case 4: Hubei Province - Wuhan's East Lake High-tech Development Zone incurred hidden debt of 10.385 billion yuan through state-owned enterprises for public infrastructure projects [6][7]. - Several officials were reprimanded and required to submit written checks [6][7]. Case 5: Chongqing Province - Wulong District borrowed 16 million yuan from a state-owned enterprise for infrastructure projects, resulting in hidden debt [8]. - Officials involved faced various disciplinary actions, including warnings and reprimands [8]. Case 6: Sichuan Province - Chengdu accumulated hidden debt of 61.408 billion yuan through state-owned enterprises for urban renewal and public projects [9]. - Numerous officials were held accountable, with some facing severe penalties due to serious violations [9]. Conclusion - The six cases reveal issues with leadership accountability and adherence to financial discipline, impacting the effectiveness of hidden debt risk prevention [10]. - The article calls for local governments to learn from these cases and strengthen their risk awareness and management practices [10].

时隔4个月，财政部再次曝光新增隐性债务案例，且资金规模合计高达1410亿元，释放遏制隐性债务严 监管信号。 地方政府隐性债务风险化解正进入高潮，而为了防止地方政府"一边化债、一边新增"，财政部加大隐性 债务曝光频次，以此警示地方不得违法新增隐性债务。 8月1日，财政部网站发布《关于六起地方政府隐性债务问责典型案例的通报》（下称《通报》），披露 了福建省厦门市、四川省成都市、湖北省武汉东湖新技术开发区等六地通过当地国有企业违法违规新增 隐性债务合计1410.14亿元，相关领导干部被问责。 这是继财政部今年4月披露6起地方隐性债务问责典型案例后，年内第二次曝光地方隐性债务问责案例， 比较少见。而且此次问责涉及的地方总体来看层级更高，涉及隐性债务资金规模更大，尤其是厦门和成 都两地新增隐性债务规模均超600亿元。从新增隐性债务手法上看，六地均通过当地国有企业违规融资 新增隐性债务。 根据《通报》，福建省厦门市通过国有企业垫资实施土地一级开发项目、安置型商品房项目等，新增隐 性债务683.96亿元。 具体来看，2020年7月以来，按照厦门市政府办公厅相关文件要求，厦门市城市建设发展投资有限公司 垫资实施7个城市更新项 ...