近期，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（下称"十五五"规划建议）全文对外公开。其中在部署加强重点领域国家安全能 力建设时提出，提高防范化解重点领域风险能力，统筹推进房地产、地方政府债务、中小金融机构等风险有序化解，严防系统性风险。 财政部部长蓝佛安在近期撰文解读上述"十五五"规划建议时，部署"十五五"时期六大重点工作之一，正是"切实防范化解地方政府债务风险，推动财政可持 续发展"。 显然，防范化解地方债务风险仍将是未来五年财政重点工作，而其中化解存量隐性债务和遏制新增隐性债务又是重中之重。 2028年是化债重要节点 所谓隐性债务，指地方政府在法定政府债务限额之外直接或者承诺以财政资金偿还以及违法提供担保等方式举借的债务。此前由于地方政府隐性债务快速增 长，规模较大，引起中央警惕。早在2018年中央发文化解隐性债务风险，计划用10年时间（即2028年）化解存量隐性债务，并遏制新增隐性债务。此后地方 通过财政资金等多种途径偿还隐性债务，隐性债务规模持续压减。 存量隐性债务规模加快"清零"，融资平台公司加快"清退" 随着化解地方政府存量隐性债务加快推进，以及相应长效机制加快构建，未来五年 ...

Group 1 - The core viewpoint is that local government debt replacement is expected to accelerate, with measures being implemented to address hidden debt ahead of schedule to stabilize the economy and mitigate risks [1][2] - The Ministry of Finance plans to utilize part of the 2026 new local government debt limit of 2.8 trillion yuan earlier, indicating a proactive approach to debt management [1][3] - The overall government debt level in China is considered manageable, with a total debt of 92.6 trillion yuan and a debt-to-GDP ratio of 68.7%, which is lower than the G20 average [5] Group 2 - The implementation of a comprehensive debt replacement strategy, including the issuance of 10 trillion yuan in local government bonds, aims to replace existing hidden debts and reduce interest burdens [1][4] - As of now, over 60% of financing platform companies have exited, indicating significant progress in the transformation and reduction of hidden debts [4] - Experts suggest that the acceleration of debt replacement could provide more funds to support the real economy, contributing to economic recovery [4][2]