资产-资金-债务良性循环

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如何管好超90万亿政府债务形成的资产?
Di Yi Cai Jing· 2025-09-22 02:44
Core Viewpoint - The management of government debt and the assets formed from this debt is crucial, as China's government debt has exceeded 90 trillion yuan, necessitating improved asset management practices [1]. Group 1: Current Issues in Asset Management - There is a significant issue of "heavy construction, light management" in local governments, where the focus is on obtaining debt issuance quotas and initiating projects, while post-construction management is neglected, leading to asset idleness and waste [2][3]. - Audit reports from various provinces indicate incomplete asset registration and accounting, resulting in unclear asset bases and discrepancies between records and reality [3]. - The lack of effective connection between government debt and the assets formed from it is attributed to the absence of a debt and capital budgeting system, causing valuable assets to remain underutilized [3]. Group 2: Government Initiatives and Recommendations - The Ministry of Finance has introduced regulations to enhance the accounting treatment of special bonds, aiming to improve the management of repayment funds and project assets [4]. - Recommendations include conducting a comprehensive inventory of assets formed from government debt, establishing a unified asset ledger, and ensuring that each debt corresponds to specific assets and their management responsibilities [5]. - There is a call for improved lifecycle management of government investment projects, linking asset operation revenues to debt repayment, and promoting the use of existing assets to generate new funding [6]. Group 3: Current Debt and Asset Statistics - As of the end of 2024, the total government debt in China is projected to be 92.6 trillion yuan, with a debt-to-GDP ratio of 68.7%, which is considered reasonable compared to the G20 average [6]. - By the end of 2023, the total value of administrative and public service state-owned assets was 64.2 trillion yuan, with liabilities of 12.8 trillion yuan, resulting in a net asset value of 51.4 trillion yuan [7].