（原标题：时报观察丨完善机制强化协同 政府债务治理升维正当时） 近日，财政部新设"债务管理司"，政府债务至此迎来专职管理司局，过去由多个司局分工监管国债与地 方债、政府内债与外债的局面就此划上句号。 校对：彭其华 政府债务已成为各国经济发展的重要驱动力。当前我国经济运行面临有效需求不足等挑战，而我国政府 资产负债表相对健康且具备扩张能力。近年来，通过适度增加政府债务，我国以大力度的财政支出扩大 有效需求，企稳经济大盘。着眼于提升政策效能，由一个专职机构牵头将国债、特别国债、地方政府专 项债券等各类政府债务工具作为政策"组合拳"统筹，统一分配各工具的额度，统一管理不同工具的发行 使用节奏，无疑将强化政策协同。 一揽子化债举措的落地见效，推动了地方政府偿债压力整体缓释，但由于当前债务管理机制尚未健全， 部分地方新增隐性债务和虚假化债的现象仍时有发生，部分地方通过融资平台举债的行为并未完全杜 绝。为此，有必要通过一个专职机构持之以恒开展全流程债务管理，不断完善政府债务长效监管机制。 财政部债务管理司的设立，也释放出了信号，表明对地方政府债务风险管控将是一项常态化工作。 "十五五"时期，"加快构建同高质量发展相适应的 ...

Core Viewpoint - Since 2025, an increasing number of government financing platforms have announced their separation from government credit, indicating a significant shift in the operational landscape of local government financing platforms [2][3][4]. Group 1: Policy Changes and Timeline - The "150 Document" issued in August 2025 mandates that local government financing platforms must be cleared by June 2027, aiming to eliminate hidden local government debt [3][4]. - As of October 2025, over 15 financing platforms have announced their exit from government financing, with a total of 114 platforms officially disclosing their exit in 2025 alone [3][5]. - The exit trend is particularly pronounced in provinces like Shandong, Jiangsu, and Zhejiang, which have seen the highest numbers of platforms withdrawing [5][6]. Group 2: Market Transition and Challenges - The transition from government-backed financing to market-oriented operations is essential for financing platforms to enhance their self-sustaining capabilities [14][15]. - The restructuring process is driven by both policy enforcement and the platforms' internal needs to adapt to a market-driven environment [5][13]. - Financing platforms are encouraged to focus on market-oriented business models, moving away from traditional infrastructure projects to sectors like renewable energy and urban services [15][16]. Group 3: Financial Implications and Debt Management - The exit from government financing does not equate to a complete severance of ties with local governments; rather, it necessitates a clear delineation of responsibilities and collaboration [9][11]. - Financial institutions are advised to manage existing debts carefully, ensuring that platforms can meet their obligations without relying on government support [7][11]. - The successful issuance of bonds by entities like Chongqing Urban Investment post-exit indicates a potential recovery of market confidence in these platforms [9][10]. Group 4: Future Directions and Strategic Focus - Financing platforms must enhance their operational efficiency and focus on core business areas to ensure stable cash flows [15][16]. - There is a need for platforms to actively engage in market opportunities that align with local economic development, such as smart city initiatives and industrial park operations [16]. - The transformation of financing platforms is not merely a regulatory requirement but a strategic necessity to adapt to changing economic conditions and stakeholder expectations [12][14].