截至2026年1月22日，国内共有96个地区（含省、市、区县）披露最新化债动态，其中有15个地区提及隐债清零，信息来源地方政府平台。 从债券市场来看，2026年地方债发行用于化债资金规模达2278.49亿元，包括特殊再融资和特殊新增专项债，用于置换隐性债务的特殊再融资发行2159.61 亿元。详细债券列表和统计情况可在企业预警通【地方化债】专题查看。 1.22 化债动态 | 序号 | 日期 化债动态 | | ਵ | 地级市 | 区首 | | --- | --- | --- | --- | --- | --- | | 1 | 2026-01-22 | 深化农村"三资"监管等领域整治，清收合同履约金335.4万元，化解债务 | 甘肃省 | 张掖市 | 高台县 | | | | 611.13万元,切实维护农民利益。 | | | | | 2 | 2026-01-22 | 政府隐性债务实现清零。 | 江苏省 | 盐城市 | 建湖县 | | 3 | 2026-01-22 | 五年来,武威市国企改革深化提升行动全面收官,14个融资平台有序退出 | 甘肃省 | 武威市 | - | | 4 | 2026-01-22 | 获得省财 ...

英国政府12月的借款降幅超出市场预期，强劲的税收表现为财政大臣瑞秋.里夫斯控制公共财政的努力 提供了有力支撑。英国国家统计局周四公布的数据显示，当月政府支出超出税收收入116亿英镑(约合 156亿美元)。与上年同期相比，赤字减少了71亿英镑，这一降幅低于一项对经济学家调查得出的中位数 预期值130亿英镑。值得一提的是，这是自2003年以来，英国政府12月的借款水平首次降至如此低位。 英国国家统计局高级统计师汤姆.戴维斯表示："2025年12月的借款额相较于2024年同期显著降低，这主 要是因为今年的收入较去年大幅上扬，而支出仅出现了小幅增长。" 前几个月的税收收入表现优于此前预期，这一积极态势主要得益于公司税实现了19亿英镑的增长。 在去年12月，税收收入相较于上年同期增长了77亿英镑。这一显著增长主要得益于国民保险缴款额额外 增加了30亿英镑，同时所得税收入也增加了25亿英镑。此外，在2025-2026年度的前九个月里，国民保 险缴款收入也同比增长了近19%。 上个月，中央政府的日常开支相较于上年同期增长了32亿英镑，与此同时，资本项目的净投资规模却呈 现出下降态势。 里夫斯所领导的财政监督机构——预算责任 ...

Group 1 - The core viewpoint of the articles emphasizes the importance of non-tax revenue management in the fiscal system of Sanmenxia City, highlighting various measures taken to enhance revenue collection and management [1] Group 2 - The implementation of a targeted tracking and supervision system has led to the collection of approximately 1.46 billion yuan in non-tax revenue, with over 300 reminders sent to more than 50 units regarding their payment obligations [2] - A total of 20.6 million electronic tickets have been verified through an intelligent monitoring system, which has triggered 10 alerts, thereby improving the regulatory framework and risk management capabilities [3] Group 3 - The introduction of a convenient payment model through QR code scanning has significantly improved the payment process for visitors at the Guo Guo Museum, allowing for immediate payment and direct deposit into the fiscal account, enhancing user satisfaction [4]

Core Insights - The US federal government's interest payments on national debt have exceeded $1 trillion for the first time in fiscal year 2025, surpassing both defense spending and Medicare, marking a historic first in American history [1][2] - The Congressional Budget Office projects that cumulative interest payments over the next decade will total $13.8 trillion, nearly double the inflation-adjusted amount spent over the past two decades [3] - Under alternative scenarios, interest costs could reach $2.2 trillion by 2035, representing a 127% increase from current levels [4] Financial Trends - In fiscal year 2020, net interest payments totaled $345 billion, which nearly tripled to $970 billion by 2025, outpacing defense spending by approximately $100 billion [2] - The debt-to-GDP ratio has reached 100%, a level not seen since World War II, and is projected to surpass the 1946 peak of 106% by 2029, climbing to 118% by 2035 [5] Market Sentiment - Social media reactions indicate a growing concern over the fiscal trajectory, with references to "Weimar" suggesting fears of hyperinflation, and sentiments reflecting that America has entered a new phase characterized as the "debt service era" [7] - Analysts warn of a potential "debt spiral," where increased borrowing to service existing debt could lead to higher interest rates, further exacerbating the situation [6]

Core Viewpoint - The financial system during the Song Dynasty was primarily government-led and closely tied to the fiscal framework, with local governments playing significant financial roles [1] Group 1: Government Financial Structure - The Song Dynasty's financial management was characterized by a detailed and strengthened bureaucratic system, particularly the Ministry of Revenue, which was responsible for economic and financial operations [2] - The Ministry of Revenue, initially known as the "Three Departments," was responsible for managing national finances, including taxation and resource allocation [2] - The financial functions of the Ministry of Revenue included managing household registrations, tax records, and state resources, indicating a comprehensive financial oversight [2] Group 2: Financial Institutions and Functions - The Tai Fu Si, under the Ministry of Revenue, served as a central treasury and included various financial departments responsible for currency management and trade regulation [3] - Key financial departments included the Market Regulation Office, which managed trade goods and currency exchange, and the Currency Exchange Office, which handled the issuance and management of paper currency [3][4] - The official pawnshop department provided loans against collateral, contributing to government revenue through interest [4] Group 3: Local Government Financial Roles - Local governments in the Song Dynasty also had financial functions, implementing central financial policies and establishing local financial institutions to enhance efficiency [5] - Various local offices were responsible for managing agricultural resources, tax collection, and temporary loans, indicating a decentralized approach to financial management [5][6] - The issuance of paper currency and financial instruments was initially localized, with regional offices managing their operations before centralization occurred [6]

Core Insights - The article discusses the management and optimization of local special bonds in Fuzhou, highlighting the city's achievements in securing special bonds and the emphasis on project quality and funding efficiency for 2026 [3]. Group 1: Special Bond Management - In December 2024, the State Council issued 17 optimization measures for local government special bond management, including relaxing the scope of bond funding and implementing a "self-examination and self-issuance" pilot in 11 regions [3]. - Fuzhou secured a total of 51.13 billion yuan in special bonds for 2025, marking an increase of over 10 billion yuan from the previous year, accounting for 33.97% of the total in the province, maintaining the top position [3]. Group 2: 2026 Application Management - Director Zeng Xuekun emphasized four key points for the 2026 special bond application management: ensuring high project quality, maximizing funding efficiency, enhancing asset returns, and stabilizing funding sources for repayment [3]. - The learning forum attended by approximately 80 officials fostered a strong atmosphere for discussion, leading to a deeper understanding of the core policies and operational points of special bonds [3].

Core Viewpoint - The leak by the government spending watchdog has been described as "deeply disappointing" and a "serious error" by Finance Minister Rachel Reeves [1] Group 1 - The government spending watchdog's leak has raised concerns regarding transparency and accountability in financial oversight [1]

Core Insights - The Ministry of Finance of the People's Republic of China successfully issued €4 billion in sovereign bonds on November 18, representing a significant move in the international bond market [1] - This marks the second issuance of foreign currency sovereign bonds by China within a short span of two weeks, indicating a commitment to opening its financial markets to global investors [1] - The issuance attracted strong participation from international investors, reflected in record-high subscription multiples, showcasing confidence in Chinese sovereign bonds [1]

Core Viewpoint - The U.K. government is facing challenges in addressing a fiscal deficit, avoiding both tax increases and spending reductions [1] Group 1 - The government is struggling to fill a fiscal gap [1] - There is a reluctance to implement tax hikes [1] - The government is also avoiding cuts to public spending [1]

Core Insights - The meeting emphasized the importance of local government bond funds in promoting economic and social development at the county level [1][2] - There is a focus on addressing challenges in debt management, including the need for timely updates on debt policies and effective project planning [1] - The meeting highlighted the necessity of collaboration among departments to achieve annual debt management goals [1] Group 1: Key Requirements for Debt Management - Improve awareness and prioritize the significance of local government bond funds [1] - Directly confront issues and enhance problem-solving capabilities related to debt management [1] - Maintain focus on targets and ensure effective progress towards achieving set objectives [1] Group 2: Acknowledgment and Deployment - Recognition of the current shortcomings in debt management across counties and districts [1] - Detailed deployment for accelerating the issuance and utilization of special bonds while mitigating debt risks [1] - Reporting on debt management status by the municipal finance bureau and discussions by county and district finance departments [1][2]