2025.11. 22 本文字数：2131，阅读时长大约4分钟 作者 | 第一财经 陈益刊 随着一揽子化解地方政府隐性债务举措快速落地，又一个省份将退出债务高风险省份名单。 近日，吉林省财政厅在《中国财政》杂志上公开撰文称，当地风险防控实现历史性突破。截至2025年9 月末，全省存量隐性债务余额下降近90%，融资平台数量压减比例超70%，经国家专班复核评估，已 符合退出债务重点省份条件，化债经验被财政部作为首期专报模板推广示范。 财达证券常务副总经理胡恒松告诉第一财经，这是继内蒙古退出债务重点省份之后，第二个符合退出债 务重点省份条件的地区。这不仅使得当地政府投融资行为政策限制减少，推动当地经济发展，而且也给 其他一些省份化债提供可复制范例，提振各地化债信心，也展示了中央化解地方债务风险的决心与能 力。 此前为了防范地方债务风险，中国将12个省份纳入债务高风险地区名单，政府投资项目受到约束。其 中纳入上述名单中的内蒙古今年已经公开表示当地退出债务高风险地区名单，吉林则是第二个公开表示 符合退出上述名单条件的省份。 今年政府工作报告在部署化债时，明确提出"动态调整债务高风险地区名单，支持打开新的投资空间"。 | ...

翻开贵州省政府公布的名录，这56家公司覆盖省、市、县三级，业务范围涉及城市基建、土地整理、交 通建设等多个领域。它们共同特点是：资产负债率普遍偏高，平均达到65%以上；政府补贴依赖度强， 部分企业营业收入的30%以上来自财政拨款。 贵州这次动作绝非偶然。根据财政部最新通报，全国已有超过2000家融资平台公司完成市场化转型，而 贵州这次56家"类平台"公司的调整，正是这场全国性整顿的组成部分。所谓"类平台"，是指那些虽未明 确标注为政府融资平台，但实际承担政府融资职能的企业。 地方政府隐性债务这个幽灵，已经游荡在中国经济上空多年。这些"类平台"公司通过银行贷款、发行债 券、信托融资等方式筹集资金，表面上是企业行为，实质却是政府信用背书。债务雪球越滚越大，最终 可能演变成系统性风险。 贵州56家"类平台"公司集体剥离政府融资功能，这则消息像一颗深水炸弹，在地方投融资圈激起巨大 波澜。这些曾经在政府项目中扮演关键角色的公司，为何突然被要求"断奶"？背后究竟隐藏着怎样的政 策逻辑和现实考量，湖北友梦政融投资服务有限公司。 贵州的案例特别引人注目。数据显示，贵州省政府债务率长期位居全国前列，部分地市甚至超过300% 的 ...

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]

来源：原点新财经 政策监管与平台出清 地方融资平台的这类操作，与当前的监管方向背道而驰。 安徽凤台县一宗规模数亿元的债权转让项目，正通过拍卖平台悄然推进，而其背后是地方融资平台与监管政策之间的激烈博弈。 2025年7月，中央会议明确提出"有力有序有效推进地方融资平台出清"，力求从根本上优化地方债务结构，降低债务风险。 仅仅一个月后，财政部就公开曝光了6起已完成问责的隐性债务典型案例，传递出严格落实"终身问责、倒查责任"要求的鲜明态度。 在全国化债工作稳步推进的大背景下，一些地方城投公司却持续开展高息非标融资活动。目前，安徽省凤台县州来水利开发有限公司正通过拍卖 平台将其债权资产设立为"2025债权资产"产品进行转让，总规模达3亿元。 债权转让"马甲" 在金融监管三令五申的背景下，地方融资平台为何仍能开展此类融资活动？ "债权转让"项目巧妙地规避了监管视线。该项目通过拍卖公司以拍卖的方式进行转让，募集资金用于补充转让人的流动资金，这看似合法的交易 结构，实际上可能成为规避金融监管的障眼法。 凤台县州来水利开发有限公司成立于2021年11月，注册资本高达21亿元，由凤台县财政局实际控制。这样的国企背景，容易让投资 ...

本报（chinatimes.net.cn）记者李明会 北京报道 今年以来，多地政府财政预算报告中披露辖区内隐债化解进度及达标情况。《华夏时报》记者注意到， 当前已有105地率先实现"全域隐债清零"目标。 近年来，随着一揽子化债政策的如期落地，化债效果持续显现。 今年以来，随着化债加速推进，多地已提前实现隐债清零。相较去年，今年官宣完成隐性债务"清零"目 标的地区数量呈现井喷式增长。 据DM查债通统计，截至目前，共有105地官宣辖区内全面实现隐性债务提前"清零"，更有多地实现隐性 债务化解和平台公司退出"双清零"目标。此外，完成"全域隐债清零"的105个地区中，仅广东、北京、 上海为省级行政区，其余均为地级市或区县级行政单位。 张林表示，多个地区实现全域隐债清零，说明我国地方政府债务风险化解持续保持实质性进展，通过不 断拆除潜在的债务风险点，有助于稳定金融市场预期，降低系统性金融风险。 值得一提的是，在提前实现"全域隐债清零"的名单中，有不少县市来自经济欠发达地区。例如，在最早 打响化债第一枪的内蒙古自治区，锡林郭勒盟和呼伦贝尔市下辖多个旗县已实现隐性债务"清零"。鄂尔 多斯市也成为自治区12个盟市中首家实现隐 ...

来源：第一财经 2025.09.19 本文字数：2061，阅读时长大约3分钟 比如，审计署上述报告显示，审计9省地方专项债券管理使用情况发现92个地区挤占挪用651.8亿元。主要用于"三保"、偿还国企债务等。山东今年审计报 告显示，当地抽查2市10县发现，8县占用专项债券资金60.67亿元，用于偿还借款、支付其他项目工程款等支出。 长期关注地方债的粤开证券首席经济学家罗志恒对第一财经分析，所谓化债资金使用管理不严，主要体现在以下三个方面：一是挪用化债资金，将本应用 于偿还工程款、银行贷款等隐性债务的资金，挪用于新的项目建设、发放工资或支付其他日常支出。二是"虚假化债"或"化债不实"，例如，通过应收账款 延期、融资平台之间相互拆借等方式来暂时掩盖债务，而不是真正用真金白银偿还，债务风险并未真正消除，只是形式转换和期限延后。三是资金拨付效 率低下， 化债资金在层层下拨过程中滞留、拖延，未能及时到达债权人手中，影响了政府公信力和化解效率。 根据财政部计划，2024年至2028年五年时间里地方政府将共计发行10万亿元地方政府债券来置换10万亿元存量隐性债务，以实现展期降息，缓释风险。公 开数据显示，这10万亿元化债额 ...

Core Insights - The article discusses a significant reduction in China's hidden local government debt from 14.3 trillion to 10.5 trillion, representing a decrease of 3.8 trillion within a year, achieved through strategic debt management and restructuring [1][2]. Debt Management Strategy - A comprehensive debt management strategy was introduced, amounting to 12 trillion, focusing on "borrowing new to repay old," which involves replacing high-interest hidden debts with lower-interest, longer-term government bonds [1]. - From 2024 to 2028, China plans to issue 10 trillion in local government bonds specifically for replacing hidden debts, effectively transforming high-risk informal loans into more manageable and transparent government debt [1]. Financial Impact - Local governments have saved approximately 450 billion in interest expenses over the past eight months, equivalent to the annual fiscal revenue of a medium-sized province, allowing for greater flexibility in public spending [4]. - Over 60% of financing platforms have exited the market, leading to a substantial reduction in hidden debt, as these platforms previously facilitated informal borrowing to bypass fiscal constraints [6]. Banking Sector Implications - The restructuring of debt has provided banks with greater certainty regarding the nature of local government debts, improving asset quality and reducing risks, which is expected to enhance lending to the real economy [7]. Global Context - China's government debt ratio stands at 68.7%, significantly lower than the G20 average of 118.2% and the G7 average of 123.2%, indicating a relatively manageable debt burden supported by valuable assets [8]. Future Outlook - The future debt management plan includes a focus on reducing existing hidden debts, implementing stricter regulatory measures, maximizing the utility of bond funds, and fundamentally preventing new debt risks [9][10][12]. - The transformation of debt management signifies a shift from informal borrowing practices to a more regulated and transparent system, allowing local governments to focus on economic development rather than merely compliance with borrowing regulations [14][15].

Core Viewpoint - The article discusses the ongoing efforts and strategies of the Chinese government to address and mitigate local government hidden debt, emphasizing the importance of early implementation of debt replacement measures to stabilize the economy and prevent risks [3][5]. Group 1: Debt Replacement Measures - The Chinese government is set to implement a series of debt replacement measures, including the early allocation of part of the 2026 local government debt limit, to effectively manage and reduce existing hidden debts [3][6]. - A total of 10 trillion yuan (approximately 1.4 trillion USD) in local government bonds will be issued to replace existing hidden debts, with specific allocations of 2.8 trillion yuan for the years 2024, 2025, and 2026, and 800 billion yuan for 2027 and 2028 [3][4]. Group 2: Current Status of Debt Replacement - As of now, the 2.8 trillion yuan debt replacement quota for 2024 has been fully issued, significantly reducing the hidden debt balance to 10.5 trillion yuan [4]. - For 2025, over 2 trillion yuan of the 2.8 trillion yuan quota has already been issued, indicating that the debt replacement process is nearing completion for this year [4]. Group 3: Expert Opinions and Future Outlook - Some experts suggest accelerating the debt replacement process based on the actual maturity and interest payment situations of local hidden debts, advocating for a pragmatic approach to utilizing the debt replacement quota [5]. - The Ministry of Finance's plan to use the 2.8 trillion yuan quota for 2026 earlier than scheduled has sparked various interpretations, with some speculating it may be partially utilized in the fourth quarter of this year [6][7]. Group 4: Financial Health and Debt Management - The overall government debt ratio in China is reported to be at a manageable level, with total government debt amounting to 92.6 trillion yuan (approximately 12.8 trillion USD) and a debt ratio of 68.7%, which is lower than the G20 average of 118.2% [8]. - More than 60% of financing platform companies have exited their roles in local government debt, indicating a significant reduction in hidden debts and a shift towards reform and transformation of these platforms [7].