2025.12. 12 本文字数：2297，阅读时长大约4分钟 作者 | 第一财经 陈益刊 化解地方债务风险有了新部署。 近日中央经济工作会议在北京举行，会议部署2026年经济工作。其中，就明年积极稳妥化解重点领 域风险时要求，积极有序化解地方政府债务风险，督促各地主动化债，不得违规新增隐性债务。优化 债务重组和置换办法，多措并举化解地方政府融资平台经营性债务风险。 自去年中央推出五年总额10万亿元一揽子化解地方政府隐性债务政策后，大量政府隐性债务转化为 显性债务，融资成本明显下降，偿债周期拉长，地方债务风险大幅缓释。而随着化债政策落地，隐性 债务举借主体地方政府融资平台加快剥离政府融资职能，两年半时间里超过七成融资平台公司退 出"融资平台公司名单"。 在这一背景之下，中央对地方化债的部署有何变化？ 长期关注地方债的财达证券常务副总经理胡恒松告诉第一财经，中央延续了此前"化解存量隐性债 务，遏制新增隐性债务"表述，凸显了中央对地方政府隐性债务管控的持续重视，同时首次提及化解 地方融资平台经营性债务风险。目前地方政府融资平台公司经营性债务规模较大，存量规模甚至超过 隐性债务，从宏观风险防控角度来看，经营性债务是 ...

Core Viewpoint - The Jiangsu Provincial Political Consultative Conference is focusing on the industrial transformation and upgrading of local government platform companies, emphasizing the importance of financial risk prevention and market-oriented reforms [1] Group 1: Government Actions - Zhang Lefu, Vice Chairman of the Provincial Political Consultative Conference, conducted a special investigation on the key proposal regarding the transformation of local government platform companies [1] - The investigation included on-site visits to Jiangsu Cultural Investment Group and Nanjing Yangtze Investment Group to understand their reform and transformation efforts [1] Group 2: Stakeholder Involvement - Various stakeholders, including the Provincial Finance Department, Provincial Financial Office, Provincial Development and Reform Commission, Provincial State-owned Assets Supervision and Administration Commission, and Provincial Data Bureau, provided updates on the handling of the proposal [1] - Committee members offered suggestions on accelerating the market-oriented transformation of platform companies and resolving debt risks [1] Group 3: Strategic Focus - Emphasis on learning and implementing Xi Jinping's important discussions on financial work, recognizing that preventing and mitigating financial risks is a perpetual theme in financial work [1] - The need to promote the reform and transformation of financing platforms, reduce the scale of financing platform debts, and strengthen the management of investment projects [1]