监测周报 2026 年 2 月 2 日—2026 年 2 月 8 日 总第 376 期 2026 年第 5 期 隐性债务监管高压态势不变强调防范"处置风险的风险" 地方政府债与城投行业 ◼ 要闻点评 ◼ 地方政府债与城投债交易情况 国常会研究促进有效投资措施 浙江鼓励常态化发行交通基础设施 REITs ——地方政府债与城投行业监测周报 2026 年第 5 期 本期要点 作者： 中诚信国际研究院 院长 袁海霞 hxyuan@ccxi.com.cn 【地方政府债与城投行业监测周报 2026 年第 4 期】中央 1 号文件再提"创新乡村 振兴投融资机制" ，辽宁甘肃融资平台 累计压降均超八成 2026-2-5 如需订阅研究报告，敬请联系 中诚信国际品牌与投资人服务部 赵 耿 010-66428731； gzhao@ccxi.com.cn www.ccxi.com.cn www.ccxi.com.cn 地方政府债与城投行业监测周报 2022 年第 9 期 【地方政府债券与城投行业监测周报 2022 年第 40 期】发改委支持民间投资参与基建，海南发行离岸 【地方政府债与城投行业监测周报 2026 年第 3 期】青海提 ...

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - In 2025, the infrastructure investment and financing (hereinafter "infrastructure investment") industry policies focused on "controlling new debts and resolving existing debts" and "promoting development", further implementing and refining the requirements of the "comprehensive debt resolution" plan. The industry has entered a critical stage of systematic reshaping, with risks being temporarily mitigated and the corporate financing environment showing marginal improvement [3][4][28]. - As implicit debts are gradually replaced, operating debts are expected to become the key area of focus. Debt resolution work will shift from debt replacement to building long - term mechanisms, achieving "full - scope and centralized" debt management. Future fiscal and tax system reforms are expected to deepen, better matching local fiscal powers and responsibilities, and assisting local debt resolution [18][19][28]. - With the continuous decline of land finance and the replacement of implicit debts, in - depth market - oriented transformation has become the main way out for infrastructure investment enterprises. These enterprises can seek transformation opportunities in the balance between debt resolution and development but need to be vigilant against market - related risks and changes in government - enterprise relationships [25][26][28]. 3. Summary by Relevant Catalogs 3.1 Policy Review - **More Active Fiscal Policy and Coordinated Use of Multiple Tools**: In 2025, the fiscal policy was unprecedentedly strong, with the deficit rate exceeding 4% for the first time and the broad deficit scale approaching 14 trillion yuan. Special bonds were used to support the infrastructure investment industry in resolving existing debts. By the end of August 2025, 4 trillion yuan of the one - time increase of 6 trillion yuan in special debt quota had been issued, reducing the average interest cost of debts by over 2.5 percentage points and saving over 450 billion yuan in interest payments. The scope of special bonds was further expanded, and in the second half of the year, 500 billion yuan of local debt balance limits were revitalized, and the new local debt quota for 2026 was advanced. Financial institutions also participated in debt resolution [4]. - **Improved Debt Risk Management Mechanisms**: In 2025, the central and local governments tightened the supervision network for implicit debts, strengthening control from multiple aspects such as debt monitoring, review, and accountability. The Debt Management Department of the Ministry of Finance was officially established, and local governments deepened the construction of monitoring mechanisms. The financing review was tightened, and the Ministry of Finance publicly announced typical cases of implicit debt accountability twice during the year [5]. - **Dynamic Optimization of Debt Risk List Management and Accelerated Exit from Platforms**: The government work report in 2025 emphasized the dynamic adjustment of the list of high - risk debt areas. Ningxia, Inner Mongolia, and Jilin completed their debt resolution tasks and met the conditions for exiting high - risk debt provinces. By the end of 2025, over 70% of financing platforms had exited [6][8][17]. - **Deepened Transformation Policies**: Policies guided infrastructure investment enterprises to transform from traditional infrastructure investment carriers to market - oriented industrial entities. Multiple policies were introduced to support their transformation, and financing support such as science and technology innovation bonds and infrastructure REITs was provided [9]. - **Synergistic Support of Fiscal and Financial Policies**: Policies supported the infrastructure investment industry through four pillars: expanding effective investment, innovating financing mechanisms, optimizing the relationship between the central and local governments, and strengthening macro - coordination, aiming to achieve the goal of "resolving debts in development and promoting development in debt resolution" [10]. 3.2 Policy Impact - **Accelerated Implementation of Local Government Replacement Bonds and Mitigated Short - term Debt Risks**: By December 31, 2025, 2 trillion yuan of refinancing bonds for replacing existing implicit debts were issued, and the new local government bonds reached 5,361.69 billion yuan, exceeding the annual limit. The replacement of implicit debts was accelerated, and short - term debt pressure was relieved [13]. - **Tightened Supply of Urban Investment Bonds**: In 2025, 7,880 urban investment bonds were issued, with a total issuance of 5,181.873 billion yuan and a net financing of - 238.187 billion yuan. The total issuance decreased by 13.26% year - on - year. The net financing was negative for most months, and the supply of urban investment bonds continued to tighten [14]. - **Adjusted Financing Channels and Decreased Bond Financing Costs**: Infrastructure investment enterprises adjusted their financing channels, with an increase in the proportion of credit financing and a decrease in the proportion of bond financing. The bond financing costs decreased significantly, and the comprehensive financing costs also dropped to some extent [15]. - **Differentiated Negative Public Opinions**: In 2025, the number of new bond - issuing infrastructure investment enterprises on the continuous overdue list and the number of newly defaulted non - standard products decreased significantly, but the number of enterprises with multiple historical bill overdue cases showed regional differences. The long - term fundamental improvement of infrastructure investment enterprises' refinancing still requires time, and issues such as operating debts, interest payment pressure, and capital occupation need attention [16]. - **New Stage of Debt Resolution and Phased Achievements in "Exiting Platforms" and Transformation**: Policies promoted the transformation of infrastructure investment enterprises, and by the end of 2025, nearly 750 enterprises declared themselves as market - oriented operating entities, accounting for about 19% of bond - issuing infrastructure investment enterprises. Local debt management entered a new stage [17]. 3.3 Industry Development Outlook and Opportunities - **Operating Debts Becoming the Key Focus**: As implicit debts are gradually resolved, operating debts will become the key area of focus. Future resolution methods may be more market - based, and local governments have already introduced policies to promote the resolution of operating debts [18][19][20]. - **Continuous Implementation of the "Comprehensive Debt Resolution" Policy**: Currently, debt resolution mainly relies on financial means, and substantial repayment is insufficient. Future fiscal and tax system reforms are expected to deepen, and debt resolution methods will become more refined and region - specific [21][22][24]. - **Transformation Opportunities for Infrastructure Investment Enterprises**: Infrastructure investment enterprises can participate in areas such as urban renewal, smart cities, and green infrastructure construction. However, they need to be vigilant against risks such as market - related and compliance risks and changes in government - enterprise relationships during the transformation process [25][26][27].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The National Fiscal Work Conference held on December 27 - 28, 2025, proposed to continue implementing a more proactive fiscal policy in 2026, including expanding fiscal expenditure, optimizing the government bond tool mix, improving the efficiency of transfer payment funds, continuously optimizing the expenditure structure, and strengthening fiscal - financial coordination [7][8]. - The "expansion of domestic demand" remains the top priority among the six key fiscal tasks in 2026, with specific measures to boost consumption, expand effective investment, and accelerate the construction of a unified national market [7][10][11]. - Hainan summarized the achievements of state - owned enterprises' reform and development during the "14th Five - Year Plan" and set goals for the "15th Five - Year Plan", aiming to enhance profitability and play a strategic supporting role [7][15]. Summary by Directory 1. News Review (1) Four Highlights of the National Fiscal Work Conference - **More Proactive Fiscal Policy**: In 2026, the fiscal policy will continue to be "more proactive". It is recommended that the deficit rate be maintained above 4%, with a new special bond quota of 5.1 trillion yuan and a special treasury bond of 1.8 trillion yuan, and the general deficit scale may reach about 15 trillion yuan, an increase of over 1 trillion yuan compared to 2025. The structure of local debt should be optimized, and the proportion of general bonds should be moderately increased [7][9]. - **Optimized Expenditure Structure**: "Expanding domestic demand" is the top priority. Specific measures include boosting consumption, expanding investment, and building a unified national market. The task of "promoting urban - rural integration and regional linkage" has been upgraded to the third place. There is significant investment space in the people - centered new urbanization, with about 300 million "new citizens" in China having unmet needs, and the investment space in urban renewal during the "15th Five - Year Plan" may exceed 35 trillion yuan [7][11]. - **Strengthened Fiscal - Financial Coordination**: This is a new proposal. Fiscal and monetary policies need to cooperate. Three dimensions to strengthen coordination are proposed: strengthening the linkage between fiscal subsidies and structural monetary policies, deepening the function of treasury bonds as the core link of macro - control, and improving the assessment and feedback mechanism [12][13]. - **Enhanced Local Financial Resources**: The focus has shifted from "increasing transfer payments" to "improving transfer payment efficiency". Suggestions include optimizing the structure, improving the direct fiscal fund mechanism, and establishing an incentive - restraint mechanism. In the long run, the fiscal and tax system reform should be deepened [14]. (2) Hainan's State - owned Enterprises Reform and Development - **Achievements in the "14th Five - Year Plan"**: Comprehensive strength has been significantly enhanced, the layout of state - owned assets has been optimized, the reform of state - owned enterprises has been advanced in an orderly manner, and the capital operation ability has been improved. Seven new listed companies have been added, and a "1 + N" mother - child fund matrix has been initially established [15]. - **Goals for the "15th Five - Year Plan"**: Solve problems such as weak main businesses, low ROE, high asset - liability ratios of some enterprises, and insufficient financing from the capital market. Continue to promote the reform of state - owned enterprises, deepen cooperation with central enterprises, and focus on improving profitability [15]. (3) Tracking of "Exiting the Platform" of Urban Investment Enterprises - This week, 12 urban investment enterprises declared to be market - oriented operating entities or exited the financing platform list, a decrease compared to last week. Most are from the infrastructure investment and financing industry, with 7 from Jiangsu. The main credit ratings are AA and AA +, and there are 7 at the municipal level and 5 at the district - county level [16]. (4) Early Redemption of Bonds by Urban Investment Enterprises - This week, 29 urban investment enterprises redeemed bond principal and interest in advance, involving 32 bonds with a total scale of 44.10 billion yuan, a decrease of 0.76 billion yuan compared to the previous value. Most of the enterprises have an AA credit rating [19]. 2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds (1) Local Government Bonds - This week, the issuance and net financing scale of local government bonds decreased. Six local bonds were issued, with a scale of 20.37 billion yuan and a net financing of - 31.74 billion yuan. As of December 28, the cumulative issuance of new bonds (excluding small and medium - bank special bonds) reached 53,336.89 billion yuan, completing 102.57% of the annual new quota. The use progress of the 500 - billion - yuan carry - over quota may exceed 90% [7][20]. - In terms of issuance structure, all 6 bonds issued this week were new special bonds. The issuance term is mainly 20 - year, accounting for 59.45%. The weighted average issuance term is 15.14 years, 1.01 years shorter than the previous value. Three provinces issued local bonds this week, with Guangdong having the largest issuance scale of 15.00 billion yuan [20][21]. (2) Urban Investment Bonds - This week, the issuance scale of urban investment bonds decreased, the net financing scale increased, the issuance interest rate decreased, and the issuance spread widened. A total of 92 urban investment bonds were issued, with a scale of 62.515 billion yuan, a 20.29% decrease compared to the previous value, and a net financing of 6.841 billion yuan, an increase of 2.603 billion yuan compared to the previous value. There were no overseas urban investment bonds issued this week [7][23]. - The issuance cost: the overall issuance interest rate is 2.25%, a decrease of 4.97BP compared to the previous value, and the issuance spread is 80.61BP, a widening of 1.07BP compared to the previous value. The issuance term is mainly 5 - year, accounting for 32.61%, and the issuer's main credit rating is AA + [23][24]. 3. Trading of Local Government Bonds and Urban Investment Enterprise Bonds - This week, the central bank conducted 422.7 billion yuan of reverse repurchase operations, with 457.5 billion yuan of reverse repurchase maturing. After considering other factors, the net withdrawal of funds was 155.2 billion yuan. Short - term capital interest rates fluctuated, with some rising and some falling [29]. - **Local Government Bonds**: The trading volume of local government bonds was 385.482 billion yuan, a 14.35% decrease compared to the previous value. Most of the maturity yields decreased, with an average decrease of 3.13BP [29]. - **Urban Investment Bonds**: The trading volume was 345.019 billion yuan, a 4.17% increase compared to the previous value. The maturity yields mainly decreased, with an average decrease of 1.95BP. The spreads of 1 - year and 3 - year AA + urban investment bonds widened, while that of 5 - year AA + urban investment bonds narrowed. There were 11 abnormal transactions of 6 bonds of 5 urban investment entities [30][31]. 4. Important Announcements of Urban Investment Enterprises - This week, 77 urban investment enterprises issued announcements on changes in senior management, legal representatives, directors, supervisors, etc., changes in controlling shareholders and actual controllers, equity/asset transfers, and changes in business scope [34].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Since the implementation of the "Comprehensive Debt Resolution Plan," the infrastructure investment and financing industry has entered a "deceleration cycle" in debt net financing, with the debt scale of investment enterprises still growing but at a significantly slower pace, and the "control of increase and resolution of existing debt" has shown results [5][6]. - The financing channels of investment enterprises have been adjusted, with the proportion of bond and non - standard financing in total debt decreasing, and the characteristic of bank - based financing channels becoming more prominent [5][23]. - The overall debt term structure of investment enterprises has not improved significantly, but the short - term debt ratio in most key provinces has decreased or is at a low level, reducing liquidity pressure [5][26]. - The comprehensive financing cost of the investment industry has generally shown a downward trend, with regional differentiation in the decline, and the financing cost reduction in key provinces and economically strong provinces is more obvious [5][28]. - In terms of operation and development, the growth rate of inventory and accounts receivable has slowed down in 2024, and the cash collection has accelerated, but the cash reserve of enterprises is tight, and the investment progress has slowed down [5][36]. - The profitability of investment enterprises has weakened since 2024, and the dependence on government subsidies has increased [5][49][52]. Summary by Relevant Catalogs Debt Resolution - **Debt Net Financing in the "Deceleration Cycle"**: After the implementation of the "35 - Document," the debt net financing amount and net financing rate of investment enterprises have declined significantly. Key provinces entered the debt net repayment state earlier, and in 2024, the net financing rate of key provinces dropped to 1.11 times. In 2025, the debt net financing amount and net financing rate continued to decline, and it is expected to remain at a low level in 2026. There are also differences in the debt net financing performance among regions [6]. - **Slowing Debt Growth and Asset Expansion**: The debt scale of investment enterprises is still growing but at a significantly slower pace. Some key provinces have seen a decline in debt scale, and the debt growth rate of non - key provinces has dropped significantly. The asset growth rate has also slowed down, and the asset growth rate of key provinces is significantly lower than that of non - key provinces. The asset - liability ratio and total capitalization ratio of the industry are still rising [13][17]. - **Adjusted Financing Channels**: The bond balance of investment enterprises is still growing, but the growth rate has dropped significantly in 2024. The proportion of bond and non - standard financing in total debt has decreased, and the proportion of bank loans has increased [23]. - **Insignificant Improvement in Debt Term Structure**: The overall short - term debt ratio of investment enterprises has slightly increased, but most key provinces have seen a decrease in the short - term debt ratio or are at a low level. There are also differences in the adjustment of the debt term structure among non - key provinces [26]. - **Declining Financing Costs with Regional Differentiation**: Since 2022, the weighted average financing cost of investment enterprises has been declining. In 2023 and 2024, the financing cost decreased by about 22 and 17 basis points respectively, and in the first half of 2025, it further decreased by 48 basis points. Key provinces and economically strong provinces have more obvious financing cost reduction [28]. Operation and Development - **Slowing Growth of Inventory and Receivables and Faster Cash Collection**: In 2024, the growth rate of inventory and accounts receivable of investment enterprises slowed down, and the cash collection accelerated. However, there are still a large number of projects in progress with slow cash collection. There are also differences in the growth of inventory and accounts receivable among regions [36]. - **Tight Cash Reserves**: Due to project construction and debt repayment in some regions, the cash reserves of investment enterprises are tight. Although the scale of monetary funds increased in the first half of 2025, the proportion in total assets is still low [42]. - **Slowing Investment Progress**: Under the influence of the "Comprehensive Debt Resolution" and tightened financing, the cash expenditure of investment enterprises on infrastructure and self - operated projects has decreased, and the investment progress has slowed down [44]. - **Slowed Transformation Investment and Asset Injection**: The investment in industrial and equity investment for enterprise transformation has slowed down since 2024. The growth of relevant operating assets mainly comes from the injection of shareholders or the government, and the efficient use of existing assets is an important way to improve the operating conditions [47]. - **Weakening Profitability**: The net profit of investment enterprises has been declining, and the profitability has weakened. The period cost has a large impact on profits, and the self - driving force for cost reduction and efficiency improvement needs to be strengthened [49]. - **Increased Dependence on Government Subsidies**: The contribution of investment income and fair - value change gains and losses to profits has not been effectively reflected. The proportion of other income in net profit has increased, and the dependence on government subsidies has increased [52].

Group 1 - The public fund issuance market remains active in December 2025, with 38 funds starting to raise capital in the second week, maintaining a high level for the year [1] - Equity funds dominate the new issuances, with 21 out of 38 funds being equity-related, including 13 stock funds and 8 mixed funds, accounting for 55.26% of the total [1] - Among the stock funds, 12 are index products, indicating a continued preference for low-cost, high-transparency investment strategies [1] Group 2 - On December 8, 51 new funds were launched, primarily mixed and stock funds, with E Fund's STAR Market Chip ETF aiming to raise 8 billion yuan [2] - As of December 8, the total market size of 515 public FOFs reached 186.99 billion yuan, with an average annual return of 12.58% [2] - The issuance of a 15 billion yuan ABS by China Communications Group's Guanglian Expressway sets a new record for inter-institutional REITs, reflecting strong demand for infrastructure financing [2] Group 3 - Several public funds, including Zhong Postal and Qianhai Kaiyuan, have terminated sales cooperation with Beijing Weidongli, indicating a trend of channel simplification in the public fund distribution market [3] - Over the past month, more than ten public funds have ended their partnerships with Beijing Weidongli, highlighting a shift in the distribution landscape [3]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The high - pressure situation of implicit debt supervision remains unchanged, and emphasis is placed on preventing "the risk of risk disposal". The prohibition of free allocation of state - owned forest farm resources to urban investment platforms and the progress of some regions in exiting the list of key debt - risk provinces are significant events that will impact the local government debt and urban investment industry [3][6]. 3. Summary According to Relevant Catalogs 3.1. News Review - The "Document No. 1343 of Fagai Nongjing" prohibits the free allocation of state - owned forest farm resources to local state - owned investment and financing platforms and provides a market - oriented participation path. This not only ensures the safe and reasonable use of forest farm resources but also provides a model for local government asset allocation to urban investment enterprises, preventing local debt risks and guiding the market - oriented transformation of urban investment enterprises. It also encourages urban investment enterprises to participate in the development and operation of forest farm resources through market - based cooperation [6][9][11]. - Jilin Province has met the conditions to exit the list of key debt - risk provinces, and Anhui Province has taken multiple measures to prevent local debt risks. After Jilin exits the list, there will be both opportunities and risks for local investment and financing. Anhui has proposed five countermeasures to address local debt issues [6][12][13]. - Five urban investment enterprises declared to become market - oriented business entities or exit the financing platform list this week, mainly at the district - county and municipal levels with AA - level ratings. Jilin has become the third province to publicly state that it meets the conditions to exit the list of key debt - risk provinces [6][15]. - Seventeen urban investment enterprises prepaid bond principal and interest this week, involving 21 bonds with a total scale of 2.803 billion yuan [6][20]. - Two urban investment bonds were cancelled this week. As of November 23, 94 urban investment bonds have been postponed or cancelled this year, with a total scale of 60.658 billion yuan [6][21]. 3.2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds - This week, the issuance and net financing scale of local government bonds decreased. The issuance progress of new bonds exceeded 90% (excluding the activation of the remaining quota). There is still 357.6 million yuan left in this year's 2 - trillion - yuan replacement quota, and only Henan Province has not completed the issuance. The weighted average issuance term of local government bonds was 14.30 years, and the weighted average issuance interest rate increased to 2.07% [6][22][23]. - This week, the issuance and net financing scale of urban investment bonds increased, the issuance interest rate decreased, and the spread narrowed. A total of 146 urban investment bonds were issued, with a total scale of 98.416 billion yuan. The weighted average issuance term was 3.44 years. Four overseas urban investment bonds were issued, with a total scale of 2.308 billion yuan [6][29]. 3.3. Trading of Local Government Bonds and Urban Investment Enterprise Bonds - This week, the central bank conducted 1.676 trillion yuan in reverse repurchase operations, with a net investment of 434 billion yuan. Short - term capital interest rates fluctuated. There were no adjustments to urban investment ratings or credit risk events this week [35]. - The trading volume of local government bond cash bonds increased by 14.00% to 45.5755 billion yuan, and the maturity yield decreased by an average of 2.89BP. The trading volume of urban investment bonds decreased by 1.31% to 27.7139 billion yuan, and the maturity yield fluctuated. The spreads of 1 - year and 3 - year AA+ urban investment bonds widened, while the spread of 5 - year AA+ urban investment bonds narrowed [35]. - Nine urban investment bonds of nine urban investment entities had 11 abnormal trades, with the number of entities, bonds, and abnormal trades decreasing compared to last week [36]. 3.4. Important Announcements of Urban Investment Enterprises - Eighty urban investment enterprises issued announcements regarding changes in senior management, legal representatives, directors, supervisors, etc., changes in controlling shareholders and actual controllers, equity/asset transfers, changes in the use of raised funds, and name changes [41].

Core Viewpoint - The article discusses the challenges faced by local governments in fully exiting their reliance on financing platforms, despite progress in reducing hidden debts and the implementation of regulatory measures [2][5][18]. Summary by Sections Financing Platform Exit Progress - As of mid-2025, local governments are required to eliminate financing platforms and hidden debts by June 2027, with significant progress already made, including over 60% of financing platforms having exited [3][7]. - The Ministry of Finance reported a reduction of over 7,000 financing platforms, indicating a substantial effort to address hidden debts [7]. Challenges in Debt Management - The most significant challenge in the exit process is finding incremental funding to repay existing debts, as previous policies have not fully covered the risks associated with hidden debts [4][10]. - Local governments are increasingly dependent on financing platforms to meet rigid expenditure needs, shifting from infrastructure funding to covering essential expenditures [18]. Debt Transformation Strategies - Local governments are exploring debt transformation strategies, converting hidden debts into operational debts, which requires convincing creditors to accept these changes [11][12]. - Various methods for debt resolution include fiscal debt management, financial restructuring, and asset utilization to generate revenue for debt repayment [15][16]. Regulatory Environment and Future Outlook - The central government emphasizes the need for a thorough separation of financing functions from local governments to prevent the re-emergence of hidden debts [19][20]. - There is a call for clearer guidelines from the central government to assist local finance departments in managing debt effectively and preventing future hidden debt accumulation [20].

Core Viewpoint - The article discusses the challenges faced by local governments in fully exiting their reliance on financing platforms, despite progress in reducing the number of such platforms and addressing hidden debts [1][15]. Summary by Sections Financing Platform Exit Progress - By mid-2025, over 60% of financing platforms had exited, indicating that more than 60% of hidden debts had been cleared [6]. - The central government has set a deadline of June 2027 for local governments to eliminate hidden debts and financing platforms [2][3]. Challenges in Debt Management - Local governments are struggling to find incremental funding to repay hidden debts, as traditional methods like "borrowing new to repay old" are becoming unsustainable [3][9]. - The reliance on financing platforms has shifted from funding infrastructure projects to covering rigid expenditures like basic livelihood guarantees [15]. Debt Transformation Strategies - A strategy called "debt transformation" is being explored, which involves converting hidden debts into operational debts, but this requires convincing creditors to agree to such changes [10][11]. - Various methods for debt resolution include fiscal debt management, financial debt management through market mechanisms, and asset resource revitalization [12]. Regulatory and Policy Framework - The central government emphasizes the need for a thorough separation of government financing functions from financing platforms to prevent the re-emergence of hidden debts [17]. - Recent reports indicate that some local governments are still accumulating hidden debts, highlighting ongoing compliance issues [15][16]. Future Outlook - The article suggests that the success of financing platform exits will depend on balancing local government responsibilities and financial capabilities [3][15]. - There is a call for clearer guidelines from the central government on managing hidden debts and defining the boundaries of asset resource utilization [17].

Core Insights - The article discusses the ongoing efforts and challenges faced by local governments in China to exit financing platforms and clear hidden debts by 2027, as mandated by central authorities [2][3][8] Group 1: Financing Platform Exit Requirements - The exit of financing platforms is guided by four main criteria: clearing local government hidden debts, having no financial debts or obtaining consent from at least two-thirds of financial creditors, separating government financing functions, and maintaining economic and financial stability [3] - The process of exiting financing platforms is primarily focused on the repayment of hidden debts, after which the platform can continue to operate normally [3] Group 2: Challenges in Debt Repayment - The most significant challenge in this process is finding incremental funds to repay debts, as existing policies have not fully covered the risks associated with local hidden debts [4][10] - Local governments are increasingly relying on bond replacements to convert hidden debts into explicit debts, but the annual quotas are often insufficient to cover all hidden debts, necessitating the search for additional funding [10] Group 3: Transformation of Financing Platforms - The transformation of financing platforms is entering a critical phase, with concerns about whether these platforms can truly exit their financing roles for local governments [5][18] - The article highlights that while financing platforms may no longer be responsible for financing local governments, they can still find ways to finance government-led projects if fiscal needs arise [5] Group 4: Progress and Statistics - As of mid-2025, over 60% of financing platforms have exited, indicating significant progress in clearing hidden debts [8] - Recent data shows that more than 4,500 city investment enterprises have exited financing platforms, with a 71% reduction in the number of financing platforms compared to March 2023 [9] Group 5: Debt Classification and Solutions - The article outlines a method of debt classification, distinguishing between government debt, hidden debt, operational debt, and overdue payments to enterprises [11] - Strategies for resolving hidden debts include fiscal debt management, financial debt management through market mechanisms, and revitalizing assets to generate revenue for debt repayment [15][16] Group 6: Regulatory and Policy Framework - The central government emphasizes the need for a robust regulatory framework to prevent the re-emergence of hidden debts and ensure that financing platforms do not revert to their previous roles [20] - The article suggests that a clear policy guideline is needed to help local governments navigate the complexities of debt resolution and asset management [20]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report In Q3 2025, the infrastructure investment and financing (hereinafter referred to as "base investment") industry policies continued to develop in depth on the basis of the dual - track approach of "controlling new debts and resolving existing ones" and "promoting development". The "package debt - resolution" policy was further refined, the debt management became more standardized and transparent, the process of platform exit accelerated, and a series of policies were introduced to support the base investment enterprises in expanding effective investment and promoting transformation. The implementation of these policies effectively mitigated local government debt risks, but challenges such as the management of operating debts of base investment enterprises still remained [3][4]. Summary by Relevant Catalogs Policy Review - **"Package Debt - Resolution" Policy Deeply Refined**: As of August 2025, 4 trillion yuan of the one - time increase of 6 trillion yuan in special debt quota had been issued, and the 2 trillion yuan quota for implicit debt replacement in 2025 was basically used up. 800 billion yuan was allocated from new local government special bonds to support debt resolution. Financial debt - resolution also accelerated, and measures to clean up arrears to enterprises were strengthened. Debt management was more standardized, with stricter new bond issuance review and upgraded debt monitoring [4][6]. - **Dynamic Adjustment of High - Risk Debt Areas and Accelerated Platform Exit**: As of June 2025, over 60% of financing platforms had exited. Some provinces such as Inner Mongolia and Ningxia had achieved or were applying to exit high - risk debt areas [7]. - **Support for Base Investment Enterprises to Expand Effective Investment**: In 2025, the new special bond quota was increased to 4.4 trillion yuan, a year - on - year increase of 12.8%. As of September 30, 2025, 3.6 trillion yuan of new special bonds had been issued, completing 82% of the annual quota. A new policy - based financial instrument of 500 billion yuan was arranged, and policies to support the construction and operation of PPP stock projects were introduced [8][10]. - **Accelerated Stock Asset Revitalization and Strengthened Transformation Policy Guidance**: A series of policies were introduced to guide the industrial transformation of base investment enterprises, and local governments continued to deepen the revitalization of state - owned assets [11]. Policy Main Impacts - **Accelerated Implementation of Local Government Replacement Bonds and Mitigated Debt Risks**: As of September 30, 2025, local government new bonds had completed 81.92% of the annual quota, and replacement bonds for implicit debt had completed 99.31% of the annual quota. The scope of special bond investment expanded, which was expected to relieve the investment and financing pressure of base investment enterprises [17]. - **Tightened Supply of Urban Investment Bonds**: In the first three quarters of 2025, the total issuance of urban investment bonds decreased by 9.53% year - on - year, and the net financing was negative. The stock of urban investment bonds decreased by 6.38% compared with the end of 2024 [18]. - **Adjusted Financing Channels and Optimized Debt Structure of Base Investment Enterprises**: Under the influence of policies, the proportion of credit financing of base investment enterprises increased, while the proportion of bond financing and non - standard financing decreased [19]. - **Reduced Number of Risk Events of Base Investment Enterprises, but Attention Needed for Operating Debts and Interest Payments**: The number of non - standard risk events of base investment enterprises decreased compared with 2024, but the operating debts, interest payments, and government - occupied funds of base investment enterprises still needed attention [20]. - **Phased Achievements in "Exiting Platform" and Transformation of Base Investment Enterprises**: Since the implementation of the "package debt - resolution" policy, about 658 base investment enterprises declared themselves as "market - oriented business entities", and more than 110 base investment enterprises announced to exit the platform list in the first three quarters of 2025 [21]. Industry Development Expectations and Opportunities - **Continuous Implementation of "Package Debt - Resolution" Policy with Regional Differences**: The "package debt - resolution" policy will continue to be implemented, but there are regional differences in debt - resolution progress and risks. Future policies are expected to be more refined and differentiated [23]. - **Operating Debts to Become the Key Focus and Support for Enterprise Transformation**: As implicit debts are gradually resolved, operating debts will become the key focus. The "15th Five - Year Plan" will help base investment enterprises open up new investment spaces and promote transformation [26]. - **Accelerated Transformation of Base Investment Enterprises with Risks to Be Alerted and Attention to Government - Enterprise Relationship**: The transformation of base investment enterprises may bring compliance and credit risks. The change in the government - enterprise relationship of base investment enterprises in the post - implicit debt era needs continuous attention [29]. Conclusion The base investment industry policies continued to develop in depth, effectively mitigating local government debt risks. However, the operating debts, interest payments, and government - occupied funds of base investment enterprises still need attention. The "15th Five - Year Plan" will provide opportunities for enterprise transformation, but regional differences exist. Risks in the transformation process and changes in the government - enterprise relationship need to be continuously monitored [30][31].