来源：中经汇众 但韩城花椒产业园化债难的问题却依然突出，2025年，在陕西省韩城市，地方政府持续推进清理拖欠民 营企业账款工作，涉及韩城市城市投资集团有限公司（韩城城投）等主体，如陕西航天建设 陕西裕华 建设等部分企业反映账款拖欠问题仍未解决，引发对化债执行力的质疑。相关事件包括政府会议部署清 欠任务，以及企业指控地方部门在化债过程中存在虚假协议和资金挪用行为。 清欠工作进展与争议 2025年11月16日，韩城市委常委会会议强调将清欠作为重要政治任务，要求加强组织实施、区分轻重缓 急，并建立长效机制推进工作。此前，韩城市工业和信息化局在2024年已制定《韩城市拖欠企业账款专 项整治行动工作方案》，组织宣贯相关支付条例，并落实法治政府建设报告制度。 韩城城投因多年举债建设，拖欠民企工程款近百亿元，包括千亩花椒产业园项目数亿元代建款。 据中国发展网报道：地方政府隐性债务问题一直是备受关注的焦点。陕西省作为被纳入隐性债务"清 零"试点的省份，正积极且有序地推进相关工作，为地方经济的健康可持续发展筑牢根基。 隐性债务"清零"试点 试点工作重点的转变，是陕西省在隐性债务清零征程中的关键一步。从全省范围的"清零"转向推动 ...

! 下 下 三十八 t a B 7ª - T Read The First ------ 1 l - 3- 7 下一篇： 中 下了用品 三十二 TH A WHE ------ 7 - 1 -- ----- A 25 REE = 766 ------------------ F ====== " = = = = = 中文方面 - 13-1-1-1-1-1-1-1-1-1-1 r " EBE CE AN There has and the see and . DE THE STAND THE PARTY - - - 20 CHAN TESTIFICAN FEBATAN - NE THE CONTRACT PERFEL T : 2 : 3 : 3 : 3 : 3 : 3 : 3 : 3 : 1 : i 海 3 : es Sp 中国发展网讯 地方政府隐性债务问题一直是备受关注的焦点。陕西省作为被纳入隐性债务"清零"试点的省份，正积极且有序地推进相关工作，为地方经济 的健康可持续发展筑牢根基。 为了实现债务清零的目标，陕西省采取了多管齐下的综合措施。债务置换与化解是其中的核心手段。通过争取发行地方政府专项债券资金，对符 ...

Core Insights - The establishment of the "Debt Management Department" by the Ministry of Finance signifies a dedicated approach to managing government debt, addressing the previous fragmented oversight of national and local debts [1] - China's government debt has been increasing, necessitating enhanced management practices, despite the country's debt-to-GDP ratio being lower than that of major economies and emerging markets [1] - The total government debt is projected to reach 82.1 trillion yuan by the end of 2024, with local government hidden debt at 10.5 trillion yuan, highlighting the need for improved regulatory frameworks [1] - Government debt is a crucial driver of economic development, and the Ministry of Finance aims to utilize a unified approach to manage various debt instruments effectively [1] - The establishment of the Debt Management Department indicates a commitment to ongoing risk control of local government debt, with a focus on creating a long-term regulatory mechanism [2] Summary by Sections - **Debt Management Structure** - The new department will centralize the management of various government debt instruments, enhancing policy coordination and effectiveness [1] - The previous system involved multiple departments, which is now replaced by a specialized agency [1] - **Debt Levels and Economic Context** - China's total government debt is set to reach 82.1 trillion yuan, with local hidden debt at 10.5 trillion yuan, indicating significant debt levels [1] - The government aims to leverage its relatively healthy balance sheet to stimulate effective demand through increased fiscal spending [1] - **Regulatory Improvements** - The establishment of the Debt Management Department is part of a broader initiative to create a sustainable debt management mechanism aligned with high-quality development goals [2] - The department will focus on reducing hidden local government debt, reforming financing platforms, and enhancing monitoring systems for local debt [2]

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].