中央财政从地方政府债务结存限额中安排5000亿元"补给"地方，正在顺利落地。近期，多个省份明确了 预算调整方案，对债券使用作出安排。5000亿元增量资金将向经济发展注入新的动能，有力支持地方完 成今年经济社会发展目标任务，推动"十五五"良好开局。 优化政府债务规模结构，增强财政可持续性。实施更加积极的财政政策，既要充分发挥政府债务的作 用，也不能"寅吃卯粮"，这就需要全面评估政府偿债能力、举债空间和债务风险，科学合理确定赤字 率、举债规模。优化中央和地方政府债务结构，科学合理安排地方政府债务规模。一般国债、超长期特 别国债、地方政府一般债券、专项债券规模等各类债券具有不同的功能、作用，通过优化结构、组合运 用，更好地适应经济社会发展和宏观调控需要。 强化债券发行使用管理，提高政府债券效能。近年来我国持续加强政府债券发行、资金分配使用管理， 形成法定债务"闭环"管理制度体系。严管理、提效能的空间还不小。专项债券方面，需要继续优化完善 管理，健全"借、用、管、还"全生命周期管理机制，防止低效、无效投资，更好发挥强基础、补短板、 惠民生、扩投资等积极作用。完善专项债券偿还机制，确保按时足额还本付息，防范偿还风险。超 ...

中央财政从地方政府债务结存限额中安排5000亿元"补给"地方，正在顺利落地。近期，多个省份明确了 预算调整方案，对债券使用作出安排。5000亿元增量资金将向经济发展注入新的动能，有力支持地方完 成今年经济社会发展目标任务，推动"十五五"良好开局。 优化政府债务规模结构，增强财政可持续性。实施更加积极的财政政策，既要充分发挥政府债务的作 用，也不能"寅吃卯粮"，这就需要全面评估政府偿债能力、举债空间和债务风险，科学合理确定赤字 率、举债规模。优化中央和地方政府债务结构，科学合理安排地方政府债务规模。一般国债、超长期特 别国债、地方政府一般债券、专项债券规模等各类债券具有不同的功能、作用，通过优化结构、组合运 用，更好地适应经济社会发展和宏观调控需要。 强化债券发行使用管理，提高政府债券效能。近年来我国持续加强政府债券发行、资金分配使用管理， 形成法定债务"闭环"管理制度体系。严管理、提效能的空间还不小。专项债券方面，需要继续优化完善 管理，健全"借、用、管、还"全生命周期管理机制，防止低效、无效投资，更好发挥强基础、补短板、 惠民生、扩投资等积极作用。完善专项债券偿还机制，确保按时足额还本付息，防范偿还风险。超 ...

Core Points - The Ministry of Finance has updated its organizational structure, officially listing the Debt Management Department as part of its main agencies [1][6] - The Debt Management Department is responsible for formulating and implementing domestic debt management policies, as well as managing both central and local government debts [2][6] Department Responsibilities - The Debt Management Department's main duties include drafting and executing government domestic debt management systems and policies [2] - It is tasked with compiling national and local government debt balance limit plans and managing government internal debt issuance and repayment [2] - The department also oversees external debt management and strengthens monitoring to mitigate hidden debt risks [2] Leadership and Structure - The leadership of the Debt Management Department includes Director Li Dawei and Deputy Directors Qu Fuguo and Zhao Zeyong [4] - The department is organized into six divisions: Comprehensive Division, Central Debt Division, Local Debt Division I, Local Debt Division II, Issuance and Repayment Division, and Monitoring and Management Division [4]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - As of the end of 2024, China's government debt scale was 92.6 trillion yuan, with local government implicit debt reduced to 10.5 trillion yuan, and the overall risk was controllable. The State Council and relevant departments continuously optimized and improved government debt management to better发挥 the function of government debt. However, there were still some difficulties and problems in government debt management and risk prevention and resolution, such as the need to strengthen government debt management, the occurrence of illegal new implicit debt and false debt resolution, and the need to optimize the government debt scale and structure. To address the problems and challenges in China's fiscal and debt fields, it was necessary to change ideas, moderately increase policy intensity, and promote medium - and long - term structural reforms [6][7][8]. - Henan actively supported the clearance of government - owed enterprise accounts through the coordinated efforts of "special bonds + special loans." Zhengzhou adjusted special bond funds to repay debts, and Xuchang completed the issuance of special working capital loans [6][10]. - This week, 25 urban investment enterprises prepaid bond principal and interest, and 2 urban investment bonds cancelled issuance [6][13][14]. - This week, the issuance and net financing scale of local government bonds decreased, and Shenzhen and Hainan issued offshore RMB local bonds in Macau and Hong Kong respectively. Only Henan and Hubei had not completed the issuance of the 2 - trillion - yuan replacement quota. The issuance and net financing scale of urban investment bonds increased, with rising issuance interest rates and widening spreads [6][15][20]. - This week, there was no adjustment to the urban investment credit rating and no occurrence of urban investment credit risk events. The spot trading scale of local government bonds and urban investment bonds increased, and the yield to maturity of urban investment bonds increased across the board. There were 15 abnormal transactions of 11 urban investment bonds [23][25]. - This week, 51 urban investment enterprises announced changes in senior management, legal representatives, directors, supervisors, etc., as well as changes in controlling shareholders and actual controllers, and equity/asset transfers [29]. Group 3: Summary by Relevant Catalogs 1. News Review (1) The 2024 Government Debt Management Report was released, with implicit debt reduced to 10.5 trillion yuan - As of the end of 2024, China's government debt balance was 92.6 trillion yuan, including 34.6 trillion yuan in national debt, 47.5 trillion yuan in local government legal debt, and 10.5 trillion yuan in local government implicit debt, a decrease of 3.8 trillion yuan from the end of 2023. The national government legal debt - to - GDP ratio was 60.9%, and after adding the 10.5 - trillion - yuan local government implicit debt balance, the national government debt - to - GDP ratio was 68.7% [7]. - The State Council and relevant departments optimized and improved government debt management in aspects such as system mechanism construction, prevention and resolution of local government implicit debt risks, and improvement of the local government debt monitoring and supervision system [8]. - There were problems in government debt management, including the need to improve the management of ultra - long - term special national debt, the occurrence of illegal new implicit debt and false debt resolution, and the need to optimize the government debt scale and structure [8]. (2) Henan supported "debt clearance" through "special bonds + special loans," and Zhengzhou adjusted special bond funds to repay debts and Xuchang completed the issuance of special working capital loans - Zhengzhou promoted the clearance of debts owed to enterprises, carried out a new round of debt investigations, and adjusted special bond funds to repay debts. Xuchang's Xiangcheng Sub - branch of the Agricultural Bank of China approved a 10 - million - yuan working capital loan for a debt - owing entity and completed the first issuance of 5 million yuan [10]. (3) 25 urban investment enterprises prepaid bond principal and interest this week - 25 urban investment enterprises prepaid the principal and interest of 28 bonds, with a total scale of 4.799 billion yuan. The prepaid urban investment enterprises were mainly from the central region, and the main credit rating was AA [13]. (4) 2 urban investment bonds cancelled issuance this week - "25 Tongzhouwan PPN003" and "25 Xianggaosu CP003" cancelled issuance, with a planned total issuance scale of 1.33 billion yuan. As of September 12, 81 urban investment bonds had postponed or cancelled issuance this year, with a total scale of 51.594 billion yuan [14]. 2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds (1) Local government bonds - This week, 65 local bonds were issued, with a issuance scale of 194.519 billion yuan, a decrease of 35.52% from the previous value, and a net financing amount of 36.855 billion yuan, a decrease of 80.88%. As of September 19, 2025, the scale of local bonds in the存续 period was 53.3 trillion yuan. The issuance of new bonds this year had reached 4.176385 trillion yuan, accounting for 80.32% of the annual new quota, and the issuance of new special bonds was 3.517665 trillion yuan, accounting for 79.95% of the annual new quota. The issuance of refinancing bonds was 4.096984 trillion yuan, of which 1.974915 trillion yuan was used to replace existing implicit debt, completing 98.75% of the 2 - trillion - yuan quota for the year, and only 2.5085 billion yuan remained to be issued; 953.2 million yuan was used to repay existing government debt [15]. - The issuance term of local bonds was mainly 10 - year, and the weighted average issuance term was 15.55 years, 2.30 years shorter than the previous value. Ten provinces issued local bonds this week, with Henan having the largest issuance scale of 38.315 billion yuan. Shenzhen, Guangdong, and Hainan issued a total of 6 billion yuan of offshore RMB local bonds in Macau and Hong Kong. The weighted average issuance interest rate of local bonds increased by 2.24BP to 2.18%, and the weighted average issuance spread widened by 2.24BP to 21.71BP [15][16]. (2) Urban investment bonds - This week, 209 urban investment bonds were issued, with a issuance scale of 145.455 billion yuan, an increase of 52.95% from the previous value, and a net financing amount of 33.243 billion yuan, an increase of 1.1681 billion yuan. As of September 19, the scale of urban investment bonds in the存续 period was 14.26 trillion yuan. The overall issuance interest rate of urban investment bonds was 2.41%, an increase of 2.50BP from the previous value, and the issuance spread was 87.48BP, a widening of 7.00BP. The issuance was mainly in the form of general medium - term notes, with a 5 - year term as the main term. The issuer's main credit rating was AA +. This week, 10 urban investment overseas bonds were issued, with a total scale of 4.66 billion yuan [20]. 3. Trading of Local Government Bonds and Urban Investment Enterprise Bonds - This week, the central bank conducted 1.8268 - trillion - yuan reverse repurchase operations in the open market, with 1.2645 - trillion - yuan reverse repurchases maturing, resulting in a net investment of 562.3 billion yuan. Short - term capital interest rates mostly increased. There was no adjustment to the urban investment credit rating and no occurrence of urban investment credit risk events [23]. - The spot trading scale of local government bonds was 493.12 billion yuan, an increase of 13.41% from the previous value, and the yield to maturity fluctuated, with an average increase of 1.20BP. The trading scale of urban investment bonds was 317.943 billion yuan, an increase of 25.47% from the previous value, and the yield to maturity increased across the board, with an average increase of 2.69BP. In terms of credit spreads, the spreads of 1 - year and 5 - year AA + urban investment bonds widened, while the spread of 3 - year AA + urban investment bonds narrowed. There were 15 abnormal transactions of 11 urban investment bonds of 11 urban investment entities [25]. 4. Important Announcements of Urban Investment Enterprises - This week, 51 urban investment enterprises announced changes in senior management, legal representatives, directors, supervisors, etc., as well as changes in controlling shareholders and actual controllers, and equity/asset transfers [29].

Group 1 - The Ministry of Finance has exposed six typical cases of hidden debt that have been held accountable, highlighting the issue of local governments using state-owned enterprises for financing [1] - In Shenyang, Liaoning Province, a project for high-standard farmland improvement resulted in an additional hidden debt of 520 million yuan, leading to accountability for local officials [1] - Xiamen, Fujian Province, incurred an additional hidden debt of 68.396 billion yuan through state-owned enterprises for land development and housing projects, with senior officials held accountable [1] - Dezhou, Shandong Province, added 14.5 million yuan in hidden debt through state-owned enterprise financing for farmland construction, resulting in accountability for local leaders [1] - Wuhan, Hubei Province, saw an increase of 10.385 billion yuan in hidden debt for public projects funded by state-owned enterprises, with relevant officials being held accountable [1] - In Wulong, Chongqing, an additional hidden debt of 16 million yuan was incurred through loans from state-owned enterprises for infrastructure, leading to accountability for local officials [1] - Chengdu, Sichuan Province, added 61.408 billion yuan in hidden debt through state-owned enterprises for urban renewal and public projects, with local officials held accountable [1] Group 2 - The Ministry of Finance emphasizes the importance of preventing and resolving hidden debt risks as a political task, urging local governments to strengthen awareness of "red lines" and bottom-line thinking [2] - A call for the establishment of a regular monitoring mechanism and strict accountability for local government violations regarding debt is highlighted [2] - The Ministry of Finance plans to implement strict oversight and accountability measures for any new hidden debt and inadequate debt resolution efforts [2]

报告摘要 每周经济观察： （一）景气向上 1 、物价：黄金及油价上涨。 COMEX 黄金收于 3323.1 美金 / 盎司，上涨 2.8% 5 债券发行： 、基建：水泥发运率上行速度放缓。 截至 4 月 11 日当周，水泥发运率为 42.77% ， 基本持平上周，去年同期为 38.9% 。 6 、外贸：量价齐跌。 4 月 13 日当周，我国监测港口集装箱吞吐量环比 -6.1% ，前值 1.9% 。 4 月 18 日，上海出口集装箱运价综合指数环比 -1.7% ， 4 月 11 日当周环比 +0.1% ，欧洲及北美航 线均下滑。 债券发行 ：4 月 16 日，财政部关于公布 2025 年一般国债、超长期特别国债发行有关安排的通知， 将于 4 月 24 日启动发行超长期特别国债，发行主要集中在 5 月至 9 月。 利率： 债券利率震荡 。 截至 4 月 18 日， 1 年期、 5 年期、 10 年期国债收益率分别报 1.4300% 、 1.5040% 、 1.6493% ，较 4 月 11 日环比分别变化 +3.22bps 、 +1.45bps 、 -0.75bps 。 美油收于 64.68 美元 / 桶，上涨 ...