1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Yangzhou has obvious location advantages, convenient transportation, and rich tourism resources. Its economic aggregate and per - capita GDP are at the middle level in Jiangsu Province, with a continuous net inflow of population and a good urbanization level. The industrial development plan is clear, and relevant regional coordinated development policies will boost future development. In 2024, its general public budget revenue was of good quality, but the fiscal self - sufficiency ability was average. The overall debt burden was at the middle level among prefecture - level cities in Jiangsu [4][5]. - The overall economic development level of Yangzhou's districts (counties, cities) is relatively high, with a differentiated and characteristic industrial pattern. Most districts (counties, cities) saw an increase in fiscal strength in 2024, but the government - funded revenue was under pressure due to real - estate market regulation. The government debt balance of each district (county, city) increased at the end of 2024, and the overall debt burden was at a low level. The government at all levels strengthened debt monitoring and management [4]. - There are many debt - issuing urban investment enterprises in Yangzhou, mainly at the district - county level, with AA and AA + as the main credit ratings. In 2024, the net bond financing of these enterprises turned negative, and the bond issuance scale decreased year - on - year. Except for Baoying County, the debt burden of urban investment enterprises in other regions was relatively heavy, and some areas faced short - term debt repayment pressure [4]. 3. Summary by Relevant Catalogs 3.1 Yangzhou's Economic and Fiscal Strength - **Location and Resources**: Yangzhou is located in central Jiangsu, with obvious location advantages and convenient transportation. It is rich in tourism resources, with a large number of A - level scenic spots in the province. It has built a modern transportation network integrating railways, highways, waterways, and aviation [5]. - **Population and Urbanization**: At the end of 2024, Yangzhou's permanent population was 4.5868 million, with a net inflow and a permanent - population urbanization rate of 73.5%, close to the provincial average [8]. - **Economic Aggregate and Per - capita GDP**: In 2024, Yangzhou's GDP was 780.964 billion yuan, ranking 7th in Jiangsu, with a growth rate of 6.0%, higher than the provincial average. The per - capita GDP was 170,300 yuan, ranking 6th in the province. From January to September 2025, the GDP was 592.515 billion yuan, with a year - on - year growth of 5.5% [9]. - **Industrial Development**: High - end equipment is a traditional advantageous industry, and the aviation industry is a key strategic emerging industry. The "613" industrial system has been established. From 2022 - 2024, fixed - asset investment continued to grow, but the growth rate declined in 2024 due to the decrease in real - estate development investment [10][11]. - **Regional Policy Support**: Since 2014, a series of policies have been introduced to promote Yangzhou's integration into regional development, including the construction of infrastructure and the upgrading of leading industries [15]. - **Fiscal Strength and Debt**: In 2024, Yangzhou's general public budget revenue increased, with a high proportion of tax revenue, but the fiscal self - sufficiency ability was average. The overall debt burden was at the middle level among prefecture - level cities in Jiangsu [18][21]. 3.2 Economic and Fiscal Conditions of Yangzhou's Districts (Counties, Cities) - **Economic Strength** - **Regional Planning**: Yangzhou is planned according to the "One Area, Two Centers, One Belt, One Axis" urban spatial structure, promoting coordinated development among different regions [25]. - **Industrial Layout**: The six major leading industrial clusters' output value increased by 4.8% in 2024, driving industrial economic growth. Each district and county has formed a differentiated development pattern based on its own advantages [28]. - **Economic Development**: Hanjiang and Jiangdu Districts have relatively strong overall economic strength, and Yizheng City has the highest per - capita GDP [24]. - **Fiscal Strength and Debt** - **Fiscal Revenue**: In 2024, most districts (counties, cities) saw an increase in fiscal strength, with a high proportion of tax revenue. The government - funded revenue was under pressure, and the comprehensive financial resources varied in scale and structure [34]. - **Debt Situation**: At the end of 2024, the government debt balance of each district (county, city) increased, with a relatively low overall debt - to - GDP ratio. The debt - to - revenue ratio varied, but was still lower than the provincial level. The city and districts (counties, cities) have strengthened debt management [41]. 3.3 Debt - Repayment Ability of Yangzhou's Urban Investment Enterprises - **Enterprise Overview**: There are many debt - issuing urban investment enterprises in Yangzhou, mainly at the district - county level, with AA and AA + as the main credit ratings. Since 2024, only one enterprise has had a credit - rating upgrade [49]. - **Bond Issuance**: In 2024, the bond issuance scale of debt - issuing urban investment enterprises decreased year - on - year, and the net bond financing turned negative. Except for the city - level enterprises, the net bond financing of each district (county, city) was negative [51]. - **Debt - Repayment Ability Analysis** - **Debt Scale**: At the end of 2024, the total debt of debt - issuing urban investment enterprises increased, with Hanjiang, Yizheng, the city - level, and Guangling Districts having a relatively high proportion. Except for Yizheng, the debt scale of other regions increased [56]. - **Debt Burden**: Baoying County has a relatively light debt burden, while the city - level and other districts (counties) have a relatively heavy debt burden [56]. - **Bond Maturity Pressure**: In the next year, the immediate repayment pressure of debt - issuing urban investment enterprises in Hanjiang and Yizheng Districts is relatively large [60]. - **Short - Term Debt Repayment**: At the end of 2024, the coverage ratio of monetary funds to short - term debt was less than 0.50 times, indicating short - term debt - repayment pressure [63]. - **Refinancing**: In 2024, the net cash flow from financing activities of most debt - issuing urban investment enterprises was positive, but the overall scale decreased, and the financing rhythm slowed down [64]. - **Fiscal Support**: The ratio of "total debt of debt - issuing urban investment enterprises + local government debt" to "comprehensive financial resources" varies significantly among districts, with Hanjiang District having the highest ratio [66].

Investment Rating - The report does not explicitly state an investment rating for the industry or region analyzed [2] Core Insights - Yangzhou has significant geographical advantages and rich tourism resources, being one of China's first historical and cultural cities and known as the "World Capital of Canals" [4][5] - The economic scale of Yangzhou is at a mid-level within Jiangsu Province, with a continuous net inflow of population and a good level of urbanization [4][8] - In 2024, Yangzhou's general public budget revenue is expected to show good quality, although its fiscal self-sufficiency is average [18] - The overall debt burden of Yangzhou is at a mid-level among Jiangsu's prefecture-level cities, with a focus on monitoring and managing debt risks [21][41] - The number of bond-issuing urban investment enterprises in Yangzhou is relatively high, primarily at the county level, with most rated AA and AA+ [49] Economic and Fiscal Strength of Yangzhou - Yangzhou's GDP in 2024 is projected to reach 780.96 billion, with a growth rate of 6.0%, surpassing the provincial average [9][13] - The city has a clear industrial development plan, with significant projects driving investment growth, particularly in high-end equipment and the aviation industry [10][11] - Fixed asset investment in Yangzhou has been growing, although it has faced a decline due to decreased real estate development investment [14][11] Debt Situation - By the end of 2024, Yangzhou's local government debt balance is expected to continue growing, with a debt rate of 119.33%, ranking 7th among Jiangsu's cities [21][41] - The report highlights that Yangzhou's government and its districts are actively managing and monitoring debt to mitigate risks [41][45] Urban Investment Enterprises - Yangzhou has a considerable number of urban investment enterprises, with 37 active bond-issuing entities, primarily at the county level [49] - In 2024, the bond issuance scale for these enterprises is expected to decrease, with a net financing amount turning negative [51][52]

Investment Rating - The report indicates a positive investment outlook for the urban investment companies engaging in the development of the under-forest economy, highlighting the supportive policies and market opportunities available in this sector [1][2]. Core Insights - The under-forest economy, which includes activities such as under-forest planting, breeding, and product processing, is recognized as a crucial driver for green development and rural revitalization, transforming ecological advantages into economic benefits [2][4]. - Urban investment companies are positioned to play a significant role in the under-forest economy by leveraging government policies and their own resources to facilitate industrial transformation and capitalize on market opportunities [1][6]. Summary by Sections Opportunities for Urban Investment Companies - Recent policies at both national and local levels have provided strong support for the development of the under-forest economy, creating favorable conditions for urban investment companies to engage in this sector [1][2]. - The total area utilized for under-forest economic activities exceeds 6 million acres, generating over 1 trillion yuan in output value, indicating substantial market potential [1]. Pathways for Urban Investment Companies - **Land Rights Consolidation**: Urban investment companies can address the fragmentation of land rights by consolidating land use rights through various methods such as leasing and partnerships, which will facilitate future industrial integration and capital operations [7][8]. - **Industry Development**: Companies can enhance the under-forest industry by focusing on variety cultivation, diversified operations, and building a complete industrial chain, thus addressing issues like homogenization and low brand premium [9][10]. - **Financial Empowerment**: Utilizing diverse financial tools such as green bonds and industry funds, urban investment companies can meet the significant funding needs of under-forest projects, which often require substantial initial investments and have long payback periods [10][11]. Challenges for Urban Investment Companies - Urban investment companies face challenges such as high capital pressure, technical barriers, price volatility of products, and potential policy changes, necessitating a strategic focus on areas with high policy support and quick cash flow [12][13].

Core Viewpoint - The financing rush in December for urban investment platforms in China is a critical period marked by urgent funding needs due to year-end project settlements, debt maturities, and fiscal balancing requirements [1][3][4] Group 1: December Financing Rush - The December financing frenzy is driven by three key deadlines: year-end project settlements, maturing debts, and fiscal balancing [3][4] - Urban investment platforms face a 30% increase in monthly funding needs due to project settlements that must be completed before the Chinese New Year [3] - The peak of urban investment bond maturities occurs at year-end, creating a "dam" of debt that must be addressed to avoid project halts and regional credit risks [3][4] Group 2: Financing Strategies - The tightening of formal financing channels has led urban investment platforms to adopt various innovative financing methods, including financing leases and commercial factoring [6][7] - Some urban investment platforms are utilizing asset-backed securities (ABS) to secure funding, with rates as low as 1.85% for certain projects, showcasing a trend towards more sophisticated financing solutions [7] - The urgency of December financing has resulted in a focus on speed rather than cost, with platforms rapidly exploring multiple financing options to meet immediate needs [7] Group 3: High-Cost Financing Challenges - Urban investment platforms are increasingly reliant on high-cost non-standard financing due to strict bank lending criteria, with annualized costs exceeding 20% in some cases [9] - The dilemma of high-cost financing reflects the pressing need for funds to maintain ongoing projects and pay workers, despite the financial strain it imposes [9] - Some platforms are attempting to shift their financing strategies towards securing policy funds and reducing reliance on high-cost borrowing [9] Group 4: Broader Implications - The December financing activities are not merely financial maneuvers but are essential for sustaining urban infrastructure projects and ensuring economic development [11][12] - The ongoing efforts to secure funding highlight the balance between immediate financial needs and long-term urban development goals [11][12] - The challenges faced during this period may be viewed as part of the broader transition of local economies in China, emphasizing the importance of effective financing in urbanization [12]

Core Insights - The "China Urban Investment Enterprises High-Quality Development Index Evaluation Report (2025)" is the first comprehensive evaluation report analyzing the strength and development potential of urban investment enterprises in China [2][4] - The report aims to guide urban investment enterprises towards high-quality development and market-oriented transformation by providing a comprehensive evaluation system based on specific attributes and functions of these enterprises [2][3] Group 1: Evaluation Framework - The report evaluates urban investment enterprises through five dimensions and sixteen sub-indicators, focusing on capital strength, operational strength, efficiency, investment development capability, and risk tolerance [2][4] - It provides a multi-dimensional "portrait" of enterprises, helping them identify their positions, advantages, and weaknesses in the context of market transformation [2][3] Group 2: Research Background and Methodology - The report was developed with support from Tsinghua University and involved over ten years of research on representative urban investment enterprises across the country [2][4] - The evaluation framework is based on a comprehensive analysis of publicly available data from 210 typical urban investment enterprises, allowing for a systematic comparison of their development characteristics [4] Group 3: Key Findings and Rankings - The top ten ranked urban investment enterprises include Shanghai Urban Investment, Tianjin Urban Investment, Hangzhou Urban Investment, and others, indicating their strong performance in the evaluation [4] - The report fills a gap in the comprehensive evaluation system for the urban investment industry and provides clear guidance for the market-oriented transformation and high-quality development of these enterprises during the 14th Five-Year Plan period [4]

Report's Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Since 2024, with the rapid implementation of debt - resolution policies, Sichuan Province has achieved orderly resolution of implicit debts, a continuous decrease in the number of financing platforms, and optimization of the debt structure of urban investment companies. However, there are still some pressures on debt repayment and liquidity in some regions. The financial fundamentals of urban investment companies are difficult to improve significantly. In the future, the resolution of operating debts depends on the substantial transformation of urban investment companies and the enhancement of their self - hematopoietic ability to achieve a new balance between economic development and debt resolution [3][5]. Summary of Each Section I. Sichuan Province's Debt Management Situation - **Overall situation**: Since 2024, with the rapid implementation of debt - resolution policies, the number of local government financing platforms in Sichuan has been significantly reduced. The province has taken various measures to resolve implicit debts, and the debt - repayment pressure has been relieved to some extent. For example, in 2024, Sichuan issued 5079.2 billion yuan of local government bonds, of which 1982 billion yuan was used to replace existing debts [5][6]. - **City - level situation**: Different cities in Sichuan have different debt management measures and effects. For example, Chengdu issued 473.3 billion yuan of refinancing special bonds to replace existing implicit debts; Mianyang used 171.96 billion yuan of refinancing special bonds (issued in three years from 2024 - 2026) to replace existing implicit debts; Yibin established a risk - prevention and control mechanism and completed the annual debt - resolution task [6]. II. Changes in Financial Indicators of Urban Investment Companies Investment - **Overall in Sichuan**: From 2022 to June 2025, the scale of the three types of investments (urban - construction assets, self - operated assets, equity, and fund - investment assets) of urban investment companies in Sichuan increased year by year, but the growth rates declined. The proportion of urban - construction assets decreased, while the proportion of equity and fund - investment assets increased. In 2024, the growth rate of urban - construction assets, equity and fund - investment assets, and self - operated assets decreased to 5.56%, 18.23%, and 3.53% respectively from 15.32%, 26.00%, and 13.30% in 2022 [10][11]. - **Regional differences**: In 2024, the total asset scale of enterprises in Chengdu was much larger than that in other cities. The growth rates of the three types of investments in Yibin, Nanchong, Ya'an, and Leshan were relatively high, while the investment scale in Dazhou and Panzhihua decreased [12][13]. Receivables - **Overall in Sichuan**: From 2022 to the end of 2024, the accounts - receivable scale of urban investment companies in Sichuan continued to expand, but the growth rate slowed down. The cash - income ratio remained at a relatively high level [14]. - **Regional differences**: At the end of 2024, the accounts - receivable scale of urban investment companies in Chengdu accounted for more than half of the province, and the collection pressure needed to be relieved. The growth rates of accounts - receivable in Meishan, Bazhong, and Yibin were relatively fast, while those in Dazhou, Luzhou, Panzhihua, and Ya'an decreased. The cash - income ratios in Nanchong and Panzhihua were high, while those in Guang'an, Chengdu, and Yibin were relatively low [15][17]. Fundraising - **Overall in Sichuan**: From 2022 to 2024, the net cash inflow from fundraising activities of urban investment companies in Sichuan decreased year by year. In 2024, except for Ya'an, Dazhou, and Luzhou, the fundraising activities of urban investment companies in other cities had net cash inflows, and the net inflow scale of most cities decreased year - on - year [18]. - **Regional differences**: In 2024, the cash inflow and outflow of fundraising activities of urban investment companies in Chengdu accounted for more than 60% of the province. The fundraising activities of different cities varied significantly. The net cash inflow of fundraising activities in Yibin was relatively large [18]. Interest - bearing Debt - **Overall in Sichuan**: From 2022 to June 2025, the debt scale of urban investment companies in Sichuan continued to grow, but the growth rate slowed down. The debt - term structure was mainly long - term debt. After the implementation of the "package debt - resolution plan", bank - loan financing increased, and the proportion of bond and other financing decreased [20][21]. - **Regional differences**: At the end of 2024, the debt scale of Chengdu accounted for nearly 70% of the province. The debt - growth rates in Meishan, Zigong, Ziyang, and Yibin were relatively fast. The proportion of short - term debt in some regions was relatively high. The bank - financing growth rates in Yibin, Guang'an, and Zigong were relatively high in 2024, and most cities' bond financing showed a net outflow [20][23]. Debt - repayment Ability - **Overall in Sichuan**: From 2022 to June 2025, the asset - liability ratio and total - debt capitalization ratio of urban investment companies in Sichuan increased year by year. The cash - to - short - term - debt ratio decreased from 2022 to the end of 2024 and rebounded significantly at the end of June 2025 [25][26]. - **Regional differences**: The debt burdens of urban investment companies in Mianyang, Chengdu, Guangyuan, and Yibin were relatively heavy, while those in Ya'an, Guang'an, and Liangshan were relatively light. The short - term debt - repayment pressures in Zigong, Suining, Leshan, and Yibin were relatively large, while those in Chengdu and Guang'an were relatively small [26]. III. Summary - Since 2024, through debt monetization and market - oriented transformation, the investment growth rate of urban investment companies in Sichuan has gradually slowed down, and the investment structure has been continuously adjusted. The debt scale has continued to grow, but the growth rate has slowed down. The proportion of bank financing has increased year by year. However, the overall debt burden of urban investment companies in Sichuan has continued to increase, and regional differences are obvious. In the context of large fiscal revenue and expenditure pressures, it is still difficult to significantly improve the financial fundamentals of urban investment companies [28].

Core Viewpoint - Zhejiang Province is actively advancing local debt resolution through various methods, achieving phased results, including a significant reduction in platform numbers and some regions reaching dual clearance of debts [1][5]. Group 1: Debt Management in Zhejiang Province - Zhejiang Province is utilizing strategies such as securing higher-level funding, issuing special refinancing bonds, and controlling project investments to enhance debt management and has seen initial success [2]. - In 2024, Zhejiang secured 69.764 billion yuan in special long-term bonds and 327.9 billion yuan in new special bonds, with 290.1 billion yuan allocated for project construction, accounting for 9.1% of the national total [2]. - The provincial government is gradually implementing plans for replacing hidden debts, with a total debt limit of 244.2 billion yuan set for 2024, distributed over three years [2]. Group 2: Investment Control Measures - Several cities in Zhejiang, including Jiaxing and Taizhou, have publicly committed to controlling project investments to manage new debt risks [3]. - The focus is on prioritizing essential projects while re-evaluating non-urgent projects to reduce future funding pressures [3]. - New project approvals are being scrutinized, with a strong emphasis on avoiding non-essential projects and ensuring alignment with fiscal budgets [3]. Group 3: Financial Indicators of Urban Investment Enterprises - The debt scale of urban investment enterprises in Zhejiang continues to grow, but the growth rate has slowed, with long-term debt remaining predominant [23]. - As of June 2025, the debt growth rate decreased from 22.55% in 2023 to 8.53% [23]. - The financing structure has improved, with bank loans becoming the primary source of financing, accounting for nearly 70% of total financing by June 2025 [26]. Group 4: Cash Flow and Receivables - Urban investment enterprises in Zhejiang have maintained a net inflow of cash from financing activities, with significant inflows reported in cities like Hangzhou, Ningbo, and Jiaxing [16][20]. - However, the growth rate of accounts receivable has been increasing, indicating ongoing challenges in cash collection [12][15]. - The cash income ratio for urban investment enterprises has shown positive performance, reflecting better cash collection from certain business segments despite overall project settlement delays [14]. Group 5: Challenges and Future Outlook - Zhejiang Province faces significant regional disparities in debt management, with some areas continuing to experience increased accounts receivable and cash flow pressures [5][34]. - The investment growth rate is slowing, particularly in infrastructure projects, which, combined with cash collection challenges, indicates that the internal debt repayment capacity of urban investment enterprises has not improved substantially [34]. - As a major economic province, Zhejiang must balance the hard task of debt resolution with the new requirements for high-quality development, necessitating a comprehensive approach to enhance operational efficiency and risk resilience in urban investment enterprises [34].

Core Viewpoint - The model of "bond financing" through state-owned asset securitization plays a crucial role in supporting local investment companies, providing significant advantages for their development. Group 1: Reasonable and Flexible Quota Range - The financing quota for local investment companies is set between 500 million to 1 billion, with a total scale controlled at 30% to 40% of fixed assets, ensuring that funding needs are met without excessive financing risks [2]. Group 2: Flexible Term Structure - The financing model features a flexible term design of 3 + 2 + 2 years, with a maximum duration of 7 years, allowing for annual interest payments and principal repayment at maturity, which aligns with the cash flow of various infrastructure projects [3]. Group 3: Significant Cost Advantages - Interest rates are set between 2.5% to 3.5%, with a comprehensive rate not exceeding 5%, providing a clear cost advantage over other financing methods, thereby reducing financial expenses and enhancing project profitability [4]. Group 4: Pure Credit Loans and Non-standard Asset Securitization - The model allows for pure credit loans without the need for fixed asset collateral, facilitating easier financing for local investment companies, and enables the securitization of non-standard assets, improving liquidity and value [5]. Group 5: Wide Range of Fund Uses - Funds can be used broadly as long as they align with national strategic directions, allowing local investment companies to flexibly allocate resources for both traditional infrastructure and emerging industries [6]. Group 6: Flexible Maturity Repayment Mechanism - The bond maturity can be extended, and policies allow for the issuance of new bonds to repay old ones before maturity, providing local investment companies with greater financial maneuverability and reducing liquidity risks [7].

Group 1: Macroeconomic Overview - The macroeconomic environment is characterized by a "slight decline" and "continuous improvement" interwoven, with manufacturing PMI and export growth showing slight decreases in October 2025 compared to the previous month [1][11] - The overall economic situation is improving compared to last year, with state-owned enterprises and listed companies showing signs of better performance, while support for small and medium-sized enterprises (SMEs) needs to be enhanced [1][16] - The production index and new orders index for October were 49.7% and 48.8%, respectively, indicating a slight decline, but large enterprises continue to show expansion with indices above 50 [3][12] Group 2: Industry Development and Policy Support - High-tech manufacturing, equipment manufacturing, and consumer goods industries are crucial for maintaining the overall prosperity of the manufacturing sector, with a focus on supporting SMEs towards "specialized, refined, and innovative" development [4][18] - New application scenarios are expected to emerge in fields such as digital economy, artificial intelligence, clean energy, and biotechnology, providing growth opportunities for related companies [4][18] - The government emphasizes the need for a complete industrial chain in technology innovation and application to enhance the "R&D-application-manufacturing" capabilities across industries [21][22] Group 3: Investment Strategy - Investment focus should be on economically strong provinces with good debt management, such as Guangdong, Jiangsu, and Zhejiang, with a recommended duration of 5 years [5][23] - Areas with significant debt resolution policies or funding support should be considered for shorter durations of 3-5 years, including Chongqing and Tianjin [5][25] - Attention should also be given to cities with strong industrial foundations and financial support, particularly those with important industrial chain positions [5][26]

Core Viewpoint - The gradual exit of local government financing platforms marks the end of an era, necessitating a transformation towards market-oriented operations for these entities [2][10]. Group 1: Exit from Government Financing Platforms - Since 2025, numerous local government financing platforms have announced their exit from government financing, with over 15 platforms making such announcements in October alone [1][2]. - The People's Bank of China and other departments issued a notice in August 2025, mandating the complete exit of local government financing platforms by June 2027 [1][2]. - As of September 26, 2025, 114 local government financing platforms have officially announced their exit, with Shandong leading with 28 exits [2][3]. Group 2: Policy and Market Dynamics - The "One Package Debt Relief" policy has been a driving force behind the structured exit of financing platforms, with clear timelines and standards established [2][3]. - The exit process is influenced by both policy enforcement and the internal need for financing platforms to transition towards market-oriented operations [3][4]. Group 3: Transformation and New Business Models - Financing platforms are encouraged to enhance their self-sustaining capabilities by shifting focus from traditional infrastructure projects to market-oriented businesses that generate continuous cash flow [10][11]. - The restructuring process involves consolidating core business areas, expanding into new market opportunities, and effectively managing existing assets to generate revenue [11][12]. - The transition from reliance on government credit to independent market operations is crucial for the sustainability of these platforms [10][11]. Group 4: Financial Communication and Debt Management - Effective communication with financial institutions regarding existing debts is essential during the exit process, ensuring that all stakeholders are informed and agreements are reached [5][6]. - The management of existing operational debts must be handled carefully, utilizing strategies such as debt restructuring and asset optimization to maintain financial credibility [5][6]. Group 5: Ongoing Relationship with Local Governments - Despite exiting government financing platforms, the relationship between these entities and local governments remains significant, necessitating a clear delineation of responsibilities [6][7]. - The support from local governments is expected to continue, as these platforms still play vital roles in regional development [7][8]. Group 6: Regulatory Environment and Accountability - The regulatory environment has tightened around local government financing, with increased scrutiny on hidden debts and accountability for local officials [9][10]. - Recent cases of hidden debt have highlighted the need for compliance with national policies, reinforcing the urgency for financing platforms to adapt to new operational frameworks [9][10].