政府债务规模和结构优化

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全国人大调研报告指出政府债务三个问题,并给出对策
Di Yi Cai Jing· 2025-09-16 10:38
Core Viewpoint - The "Research Report" highlights the achievements and ongoing challenges in government debt management and risk prevention for 2024, emphasizing the need for improvements in debt management, addressing hidden debts, and optimizing the scale and structure of government debt [1][2][3] Group 1: Government Debt Management - Government debt management requires strengthening, particularly in the management of ultra-long-term special government bonds, with a need for clearer sources of repayment and responsibilities [1] - There is a significant repayment pressure on some local government special bonds, and asset management of government debt funds needs enhancement [1] - The market-based constraint mechanism is not sufficiently robust [1] Group 2: Hidden Debt Issues - There are frequent occurrences of illegal new hidden debts and false debt reduction, with some localities mismanaging debt funds and creating new hidden debts beyond fiscal capacity [2] - Projects are being initiated outside budget constraints, posing risks of new hidden debts [2] Group 3: Debt Scale and Structure Optimization - The scale of government debt has grown rapidly due to increased counter-cyclical adjustments and active fiscal policies, with a notable rise in statutory debt [2] - As of the end of 2024, the total government debt balance is projected to be 92.6 trillion yuan, with a government debt ratio of 68.7%, which is lower than the G20 average of 118.2% [2] - The structure of government debt, characterized by a high proportion of local debt and special bonds, requires optimization [2] Group 4: Recommendations - Strengthen coordination and enhance government debt management by improving the management of ultra-long-term special bonds and establishing a better asset management system [3] - Utilize debt replacement policies effectively and prohibit the creation of new hidden debts, ensuring accountability for hidden debt issues [3] - Optimize the scale and structure of government debt to align with high-quality development, considering economic growth and fiscal sustainability [3]