摘 要 融资平台出清不仅仅是形式上的"退平台"和"隐性债务清零"，更是政府融资职能的剥离、 政府信用的脱钩、政企关系的结构性调整、政企债务风险的隔离，以及更深层次上的地方国企改 革、地方政府财税体制改革和投融资机制体制的创新。实现融资平台出清是支持实体经济高质量 发展的必要举措、适应城镇化发展阶段转变的基本需求、关闭地方政府融资后门的直接手段以及 提升地方国企市场化竞争力的前提条件，其最终目标是化解地方债务风险、实现地方经济和国有 企业的可持续发展。有力有序有效推进融资平台出清，需要态度积极坚定、节奏合理稳妥、效果 符合预期。 转型后的融资平台短期内仍将与地方政府保持较紧密的关联联系，长期看与地方政府关系将 逐步弱化。短期来看，实现"真转型"需要过渡期，叠加"一揽子化债"的政策保护期，融资平 台整体信用资质不会显著下降，但需关注信用风险的分化。长期看，出清后融资平台的信用风险 水平则更多地取决于自身的现金流和偿债能力，受其市场化转型的进程和效果影响较大。 破局重整，信用重塑 --融资平台出清后信用风险变化浅析 联合资信 公用评级四部 |刘亚利|胡元杰 www.lhratings.com 研究报告 1 地方融资 ...

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].

Group 1 - The core viewpoint emphasizes the importance of preventing and mitigating financial risks in key areas, ensuring that systemic financial risks do not occur [1] - The report highlights the need to strengthen monitoring and assessment of systemic financial risks [1] - Continued support for the market-oriented transformation of financing platforms is essential [1] Group 2 - Ongoing reforms and risk mitigation efforts for small and medium-sized financial institutions are necessary [1] - Establishing a responsibility mechanism that aligns incentives and constraints for risk disposal is crucial [1] - The report aims to build a robust financial safety net [1]

Core Viewpoint - The prevention and resolution of local government debt risks is a strategic task crucial to overall development, with significant progress made in the implementation of debt replacement policies since 2025, optimizing the debt structure and enhancing fiscal sustainability for high-quality economic development [1][2]. Group 1: Debt Replacement Progress - As of September 26, 2025, approximately 1.986 trillion yuan of the 2 trillion yuan debt replacement bond quota has been issued, achieving over 99% of the annual target [1][2]. - The issuance of "replacement hidden debt special bonds" has seen a notable extension in maturity, with over 700 billion yuan in 30-year bonds issued, and bonds with maturities over 10 years accounting for over 70% of the total [2][4]. - Regions such as Henan and Hubei have remaining quotas of 76.1849 billion yuan and 62.2886 billion yuan respectively, indicating a targeted approach to debt management [2][3]. Group 2: Policy Implementation and Management - The precise allocation of debt replacement resources is a key feature of the current replacement efforts, with the Ministry of Finance guiding localities in formulating bond issuance plans and managing the entire process [4][5]. - The replacement policies have begun to show effects across multiple dimensions, significantly reducing interest expenses and repayment pressures by replacing high-interest, short-term hidden debts with low-interest local government bonds [4][5]. Group 3: Long-term Mechanism and Fiscal Sustainability - The focus of debt management has shifted from emergency responses to a dual emphasis on regular prevention and the establishment of long-term mechanisms, enhancing fiscal sustainability [6][8]. - The Ministry of Finance has indicated plans to continue implementing a series of debt reduction measures, allowing local governments to access funds earlier to repay hidden debts and stabilize market expectations [6][7]. - A performance management system is being proposed to ensure the efficient use of debt funds, emphasizing the need for a shift from quantity management to quality improvement in debt utilization [7][8].

Core Insights - The process of clearing local government hidden debts is accelerating, with many regions aiming to achieve "zero hidden debt" by the end of the year [1][2][3] - A total of 82 districts and counties across the country have already achieved the goal of clearing hidden debts [2][3] - The Ministry of Finance reported that over 60% of financing platforms have exited, indicating significant progress in the reform and transformation of these platforms [6] Group 1: Local Government Actions - Hangzhou's finance bureau reported high-quality implementation of debt reduction policies, aiming for complete clearance of financing platform debts by year-end [1] - Jinhua City emphasized the need to prevent new hidden debts while ensuring the completion of this year's debt reduction tasks [2] - Various regions, including Longyan and Xinjiang, have reported successful completion of hidden debt clearance ahead of schedule [4][5] Group 2: National Policy and Oversight - The State Council's report highlighted the need for a long-term mechanism to prevent and resolve local government debt risks [3] - The Ministry of Finance has mandated that local governments complete the clearance of hidden debts by the end of 2028, with expectations of sufficient debt reduction funds available [3][10] - Financial institutions are actively supporting local platforms in reducing costs and managing risks, which has improved asset quality and reduced risks [8][9] Group 3: Future Outlook - Analysts predict that after significant debt pressure is alleviated, local governments will have more policy space and financial strength to focus on developing manufacturing and service industries [10] - The ongoing transformation of financing platforms is expected to lead to successful market-oriented operations, enhancing their cash flow and creditworthiness [6][10]