Group 1 - The city government held a special meeting on financial management to analyze fiscal operations and study key financial tasks, emphasizing the need for scientific management and resource optimization to support high-quality development [1] - Mayor Ye Niuping highlighted the importance of implementing a more proactive fiscal policy and adapting to structural changes brought by economic development and urban transformation [2] - The meeting addressed the need for balanced fiscal management, zero-based budgeting reforms, and strict budget execution constraints to ensure financial sustainability [2] Group 2 - The city aims to actively mitigate various debt risks by clarifying debt responsibilities and implementing comprehensive measures to manage and reduce hidden debts [2] - There is a focus on strengthening fiscal sustainability by enhancing revenue sources and prioritizing investments in key industries and projects that can generate economic benefits [2] - The city government is committed to ensuring that fiscal management supports the overall goal of high-quality economic development [2]

Group 1 - The Jiangsu Provincial Party Committee's 14th Plenary Session outlines the "14th Five-Year Plan" focusing on modernizing the economy and society, emphasizing the importance of being a model for China's modernization efforts [1][2] - The financial sector is tasked with enhancing the financial ecosystem, promoting high-quality development, and implementing key reforms to support the "14th Five-Year Plan" [2][3] - The provincial government aims to strengthen fiscal sustainability and governance, ensuring effective resource allocation and risk management to support economic growth [3][4] Group 2 - The session emphasizes the integration of technology and innovation in developing new productive forces, aiming to establish a globally influential industrial technology innovation center [5][6] - The agricultural sector is set to modernize, focusing on enhancing production capacity and quality, while promoting rural development and farmers' income [9][10] - The market regulation framework will be improved to support economic development, ensuring product quality and safety across various sectors [7][8] Group 3 - The state-owned enterprises are expected to optimize their economic layout and deepen reforms, focusing on strategic investments in key industries [8][11] - The session highlights the importance of enhancing the legal framework to support international trade and protect the rights of enterprises operating abroad [11][12] - The labor sector will focus on improving worker rights and skills, enhancing the overall quality of life for workers and their families [11][12]

Core Viewpoint - The article discusses the key measures and tasks for the "15th Five-Year Plan" period, emphasizing the importance of proactive fiscal policies to enhance public welfare and ensure sustainable economic development [1][2]. Fiscal Policy and Economic Development - The "15th Five-Year Plan" aims to expand domestic demand and support the construction of a strong domestic market while promoting high-level technological self-reliance [2][5]. - Fiscal policy will focus on improving people's livelihoods and ensuring the continuous enhancement of public welfare [2][5]. - The government will adopt a balanced approach to development and security, using efficient fiscal governance to promote high-quality development [1][2]. Debt Management and Risk Prevention - The establishment of a long-term mechanism for government debt management is crucial to prevent and mitigate local government debt risks [7][9]. - The newly formed Debt Management Department will oversee central and local debt management, bond issuance, and the prevention of hidden debt risks [8][9]. - The government aims to eliminate hidden debts by 2028, with 2026 and 2027 being critical years for addressing local debt risks [10]. Fiscal Sustainability - Enhancing fiscal sustainability is essential for addressing the challenges posed by economic and fiscal pressures, including the need for increased spending in key areas such as consumption and employment [5][6]. - The government will focus on optimizing the structure of government debt and ensuring a reasonable balance between different types of debt [9][10]. - A comprehensive monitoring and regulatory system for all types of debt will be established to ensure effective management and prevent the accumulation of new hidden debts [9][10].

Core Viewpoint - The Ministry of Finance has publicly exposed six typical cases of accountability for hidden debt, indicating a strong commitment to implementing "lifetime accountability and retrospective responsibility" to effectively curb the increase of new hidden debts [1] Group 1: Risk Mitigation Strategies - The approach to mitigating local government debt risks must focus on both resolving existing debt and preventing new debt accumulation [2] - Measures to resolve existing debt include allocating fiscal funds, reducing expenditures, and revitalizing existing assets. A policy was introduced last year to increase the local government debt limit by 6 trillion yuan to replace hidden debts, which is currently being implemented [2] - The policy aims to make hidden debts explicit, reduce local debt pressure, and support local economic development and social welfare [2] Group 2: Accountability and Governance - Despite various methods employed, hidden debts cannot remain "invisible," and relevant leaders are subject to accountability and penalties under the lifetime accountability system [3] - New hidden debts are considered a high-risk area, and local leaders must adopt risk awareness and bottom-line thinking to effectively curb the increase of hidden debts [3] - Local governments have significantly increased their new bond issuance limits, with recent measures to expand the scope of special bonds and optimize project management [3] Group 3: Regulatory Environment - The prevention and resolution of local government hidden debt risks are crucial for overall development and security [3] - There must be strict regulation and zero tolerance for new hidden debt behaviors, supported by comprehensive monitoring, budget management, and inter-departmental punitive mechanisms [3] - Maintaining a high-pressure regulatory environment is essential to effectively prevent and mitigate hidden debt risks, ensuring sustainable fiscal development and avoiding systemic risks [3]