针对地方政府隐性债务，去年中国推出一揽子化债举措。今年2万亿元人民币隐性债务置换额度已发行 完毕，平均利息成本降低2.5个百分点以上。对新增隐性债务"零容忍"，公开曝光了12起隐性债务问责 典型案例，分类推动融资平台有序出清并实质转型。 蓝佛安强调，要加强政府债务管理不放松，加快化解存量隐性债务风险，确保化债成果经得起历史检 验。守住红线，遏制新增隐性债务，发现一起、查处一起、曝光一起，终身倒查问责，以"铁"的纪律防 止边"清"边"涨"。从根本上阻断新增隐性债务路径，实现隐性债务和法定债务合并监管，让违法举债行 为无处遁形。(完) 中国财长：全力保障"三保"支出需要 中新社北京12月28日电 (记者 赵建华)中国财政部部长蓝佛安近日提醒各地财政部门，守住"三保"(保基 本民生、保工资、保运转)底线，始终坚持"三保"在财政预算编列中的优先顺序，足额安排到位。预算 执行中，全力保障"三保"支出需要，"三保"资金一分都不得挤占、挪用。 12月27日至28日在北京举行的全国财政工作会议上，蓝佛安作了上述表示。他要求各地加强监测预警和 应急处置。严格落实县级为主、市级帮扶(兜底)、省级兜底的分级责任体系，硬化预算保障和 ...

第 524 期 2025-12-22 焦点关注 7省已偿还违规新增政府隐性债务33.42亿元 12月22日，受国务院委托，审计署审计长侯凯向十四届全国人大常委会第十九次会议作了《国务院关于 2024年度中央预算执行和其他财政收支审计查出问题整改情况的报告》。 当日，审计署发布关于2024年度中央预算执行和其他财政收支审计查出问题整改情况报告的答记者问。 其中提到，加强地方政府债务风险管理，财政部进一步加强债务风险防控力量建设；严肃查处新增政府 隐性债务的地方和单位，在全国公开通报12起问责典型案例；印发工作通知，进一步加强对隐性债务新 增、问责、化解等全链条监管；开展地方政府隐性债务化解核查，会同有关方面按程序做好地方债务重 点省份退出工作。7省已偿还违规新增的政府隐性债务33.42亿元；9个地区国企违规归集的涉农贷款已 归还18.48亿元；2省2个地区已实质性化解政府债务1.7亿元。 河南再添AAA主体 12月22日，经东方金诚综合评定，河南省金水投资管理有限公司获AAA主体信用等级，评级展望为"稳 定"。 河南省金水投资管理有限公司成立于2010年12月，注册资本7.5亿元，系郑州市金水控股集团有限公司 ...

Core Viewpoint - The article discusses the significant progress made by Jilin Province in reducing local government hidden debt, allowing it to exit the high-risk debt province list, which is expected to boost local economic development and serve as a model for other provinces [3][6]. Group 1: Debt Reduction Achievements - As of September 2025, Jilin Province's hidden debt balance has decreased by nearly 90%, and the number of financing platforms has been reduced by over 70% [3]. - Jilin is the second province, after Inner Mongolia, to meet the conditions for exiting the high-risk debt province list, which will enhance local government investment flexibility and stimulate economic growth [3][6]. - The central government has increased support for Jilin's debt reduction, with over 100 billion yuan allocated from a total of 6 trillion yuan for debt resolution [6]. Group 2: Economic Indicators - Jilin's GDP is projected to grow from 1.28 trillion yuan in 2022 to 1.44 trillion yuan in 2024, with a GDP growth rate of 6.3% in 2023 and 4.3% in 2024 [5]. - The province's general public budget revenue is expected to reach 1.19 trillion yuan in 2024, reflecting a growth rate of 10.8% [5]. - The local government debt balance is projected to be 999.34 billion yuan by the end of 2024, with a debt ratio of 202.9% [8]. Group 3: Future Challenges and Opportunities - While exiting the high-risk debt list reduces policy restrictions, it may also lead to decreased support for debt resolution policies, creating a need for balance between debt management and economic development [8]. - Experts emphasize the importance of establishing a long-term debt management mechanism to align with high-quality economic development, as Jilin still faces significant debt pressure [8]. - Other provinces are also accelerating their exit from the high-risk debt list, indicating a broader trend in debt management across the country [10].

Core Viewpoint - The collective divestment of government financing functions by 56 "quasi-platform" companies in Guizhou marks a significant shift in local financing practices, reflecting broader national efforts to address hidden local government debt and promote market-oriented reforms [1][3][6]. Group 1: Background and Context - Over 2,000 financing platform companies nationwide have completed market-oriented transformations, with Guizhou's adjustment being part of this nationwide restructuring [3]. - "Quasi-platform" companies, while not officially designated as government financing platforms, have effectively performed government financing roles, contributing to the accumulation of hidden local government debt [3][4]. - Guizhou's government debt rate is among the highest in the country, with some localities exceeding a 300% warning line, highlighting the urgency of the transformation [3][4]. Group 2: Implications of the Transformation - The transformation will lead to a loss of government credit backing for these companies, resulting in increased financing costs, with bond issuance rates expected to rise by 100-150 basis points [4][6]. - The existing debt burden for these 56 companies exceeds 80 billion yuan, necessitating renegotiation of repayment sources [4][6]. - Companies face significant challenges in transitioning their business models, as many rely heavily on government contracts for revenue [4][6]. Group 3: Pathways for Successful Transformation - Successful transformation requires overcoming three key challenges: restructuring governance, creating sustainable cash flows, and transitioning talent from government-focused to market-oriented operations [6][7]. - Companies must establish modern corporate governance structures and reduce reliance on government funding to develop viable profit models [6][7]. - The transformation process is expected to lead to a significant consolidation in the sector, with an estimated 15-20% of companies facing mergers or closures in the next three years [6][7]. Group 4: Broader Policy Implications - The transformation of these companies is part of a larger policy initiative aimed at mitigating local government debt risks and promoting fiscal and state-owned enterprise reforms [6][7]. - The shift aims to reduce direct government intervention in microeconomic activities, allowing the market to play a decisive role in resource allocation [7][9]. - The transition is seen as a necessary step towards achieving high-quality economic development, despite the inevitable challenges and adjustments involved [9].

Core Viewpoint - The article discusses the challenges faced by local governments in fully exiting their reliance on financing platforms, despite progress in reducing hidden debts and the implementation of regulatory measures [2][5][18]. Summary by Sections Financing Platform Exit Progress - As of mid-2025, local governments are required to eliminate financing platforms and hidden debts by June 2027, with significant progress already made, including over 60% of financing platforms having exited [3][7]. - The Ministry of Finance reported a reduction of over 7,000 financing platforms, indicating a substantial effort to address hidden debts [7]. Challenges in Debt Management - The most significant challenge in the exit process is finding incremental funding to repay existing debts, as previous policies have not fully covered the risks associated with hidden debts [4][10]. - Local governments are increasingly dependent on financing platforms to meet rigid expenditure needs, shifting from infrastructure funding to covering essential expenditures [18]. Debt Transformation Strategies - Local governments are exploring debt transformation strategies, converting hidden debts into operational debts, which requires convincing creditors to accept these changes [11][12]. - Various methods for debt resolution include fiscal debt management, financial restructuring, and asset utilization to generate revenue for debt repayment [15][16]. Regulatory Environment and Future Outlook - The central government emphasizes the need for a thorough separation of financing functions from local governments to prevent the re-emergence of hidden debts [19][20]. - There is a call for clearer guidelines from the central government to assist local finance departments in managing debt effectively and preventing future hidden debt accumulation [20].

Core Viewpoint - The article discusses the challenges faced by local governments in fully exiting their reliance on financing platforms, despite progress in reducing the number of such platforms and addressing hidden debts [1][15]. Summary by Sections Financing Platform Exit Progress - By mid-2025, over 60% of financing platforms had exited, indicating that more than 60% of hidden debts had been cleared [6]. - The central government has set a deadline of June 2027 for local governments to eliminate hidden debts and financing platforms [2][3]. Challenges in Debt Management - Local governments are struggling to find incremental funding to repay hidden debts, as traditional methods like "borrowing new to repay old" are becoming unsustainable [3][9]. - The reliance on financing platforms has shifted from funding infrastructure projects to covering rigid expenditures like basic livelihood guarantees [15]. Debt Transformation Strategies - A strategy called "debt transformation" is being explored, which involves converting hidden debts into operational debts, but this requires convincing creditors to agree to such changes [10][11]. - Various methods for debt resolution include fiscal debt management, financial debt management through market mechanisms, and asset resource revitalization [12]. Regulatory and Policy Framework - The central government emphasizes the need for a thorough separation of government financing functions from financing platforms to prevent the re-emergence of hidden debts [17]. - Recent reports indicate that some local governments are still accumulating hidden debts, highlighting ongoing compliance issues [15][16]. Future Outlook - The article suggests that the success of financing platform exits will depend on balancing local government responsibilities and financial capabilities [3][15]. - There is a call for clearer guidelines from the central government on managing hidden debts and defining the boundaries of asset resource utilization [17].

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]

Core Viewpoint - The article discusses the ongoing struggle between local financing platforms and regulatory policies in China, highlighting a specific debt transfer project in Fengtai County, Anhui Province, which is attempting to circumvent financial regulations through a seemingly legitimate structure [2][4]. Group 1: Regulatory Environment - In July 2025, a central meeting emphasized the need to effectively advance the clearing of local financing platforms to optimize local debt structures and reduce risks [2]. - The Ministry of Finance publicly exposed six cases of hidden debt, indicating a strict enforcement of accountability measures [2]. - The Financial Regulatory Bureau issued guidelines prohibiting local asset management companies from providing financing channels that would add to local government hidden debts [4]. Group 2: Financing Activities - The Fengtai County project involves a debt transfer with a total scale of 300 million yuan, using a bidding platform to raise funds for liquidity, which may be a method to evade regulatory scrutiny [2][3]. - The project offers an annual yield of 7.0% to 8.0% with a starting bid of 100,000 yuan, backed by an irrevocable joint liability guarantee from Anhui Zhoulai Holding Group [3]. - Local financing platforms continue to engage in high-interest non-standard financing activities despite tightening regulations, driven by severe liquidity pressures [5]. Group 3: Risks and Challenges - The article highlights the risks associated with these financing activities, including the potential for illegal financial activities and the lack of transparency in the fundraising process [5][6]. - The so-called auction platforms lack the qualifications for financial asset auctions, acting as "pseudo-gold exchanges" that disrupt the financial market [6]. - Investors are cautioned to identify genuine local investment companies, which should have government or state-owned enterprise control, as opposed to "pseudo-local investment" companies with complex ownership structures [9]. Group 4: Future Outlook - The ongoing battle between regulatory measures and local financing platforms raises concerns about the ability to clear hidden debts by the June 2027 deadline [9]. - The article suggests that the proliferation of high-yield financing products poses significant risks to investors, particularly those promising government backing or guaranteed returns [10].

Core Insights - Multiple regions in China have achieved the goal of "clearing hidden debts" ahead of schedule, indicating significant progress in local government debt risk resolution [3][4] - The issuance of special refinancing bonds, amounting to 2 trillion yuan, is nearing completion, which is expected to boost local government investment [2][5] - The scale of local hidden debts is projected to decrease significantly, potentially reaching 6.5 trillion yuan by the end of the year [5][6] Group 1: Hidden Debt Resolution - A total of 105 regions have officially announced the completion of hidden debt clearance, with many achieving both hidden debt and platform company exits [3][4] - The regions that have achieved "full hidden debt clearance" are primarily city or county-level administrative units, with only Guangdong, Beijing, and Shanghai being provincial-level [3] Group 2: Economic Impact and Investment - The progress in hidden debt clearance is expected to stabilize financial market expectations and reduce systemic financial risks [4] - Economic underdeveloped regions are leading in debt clearance, benefiting from both the availability of debt resolution resources and a strong willingness to resolve debts for new investment opportunities [4][7] Group 3: Debt Issuance and Financial Management - Since 2024, approximately 6.6 trillion yuan in various types of legal local government bonds for debt resolution have been issued, with 3.4 trillion yuan in 2024 alone [5][6] - The average interest cost of debt replacement has decreased by over 2.5 percentage points, saving more than 450 billion yuan in interest expenses [6] Group 4: Future Challenges - While hidden debt clearance has made significant strides, the ability of these regions, especially underdeveloped ones, to foster new economic growth and achieve sustainable fiscal health remains a critical challenge [7]

Core Viewpoint - The rapid implementation of a 10 trillion yuan debt resolution package is significantly alleviating local government debt risks and enhancing local development momentum, although concerns regarding the management and usage of these funds have emerged [2][4]. Summary by Sections Debt Resolution Fund Management - There are issues with the management of debt resolution funds, including misuse and the emergence of new hidden debts, as well as instances of false debt resolution that obscure the true level of local debt [2][3]. - The Ministry of Finance has disclosed 12 typical cases of accountability for hidden debts, with most cases involving the addition of new hidden debts [2]. Specific Cases of Mismanagement - Examples include Chengdu, Sichuan, which added hidden debts of 61.408 billion yuan through state-owned enterprises for public projects [2]. - In Jilin Province, false debt resolution was reported, with 2.85 million yuan misrepresented as resolved debt [3]. - The audit report indicated that 92 regions misappropriated 65.18 billion yuan of local special bond funds, primarily for "three guarantees" and repaying state-owned enterprise debts [3]. Recommendations for Improvement - Experts suggest implementing comprehensive monitoring of debt resolution funds to ensure proper allocation and prevent misappropriation [5][6]. - Strengthening audits and supervision is recommended, with severe penalties for regions and individuals found misusing funds [6]. - The Ministry of Finance plans to issue 10 trillion yuan in local government bonds from 2024 to 2028 to replace existing hidden debts, with over 5 trillion yuan already issued [4][6]. Current Debt Situation - The overall risk of local government debt is considered manageable, with a significant reduction in hidden debt, which is projected to be 10.5 trillion yuan by the end of 2024, down approximately 3.8 trillion yuan from the end of 2023 [6][7].