当前，我国城镇化正从快速发展期转向稳定发展期，城市发展正从大规模增量扩张阶段转向存量提质增 效为主的阶段，房地产市场供求关系发生重大变化，房地产发展必须适应新阶段新变化。房地产产业链 长、关联度高，必须处理好促发展和防风险的关系。要着力稳定房地产市场，因城施策控增量、去库 存、优供给，鼓励收购存量商品房重点用于保障性住房等。要深化住房公积金制度改革，有序推动"好 房子"建设。要坚持防范风险、强化监管和创新发展模式相协调，加快构建房地产发展新模式，加快推 动房地产业转型升级，建立风险防控长效机制，扎实推动房地产高质量发展。 习近平总书记强调："在中国式现代化进程中，不仅有风和日丽，也会有疾风骤雨甚至惊涛骇浪。"实现 明年经济社会发展目标任务，要求我们以历史主动精神克难关、战风险、迎挑战，集中力量办好自己的 事。让我们更加紧密团结在以习近平同志为核心的党中央周围，保持战略定力，增强必胜信心，积极识 变应变求变，进一步打好防范和抵御风险的有准备之战，打好化险为夷、转危为机的战略主动战，以新 安全格局保障新发展格局，奋力推动中国经济航船劈波斩浪、行稳致远。 "十五五"时期我国发展环境面临深刻复杂变化，我国发展处于战略 ...

德国正计划实施其历史上最大规模的债务融资行动，旨在通过巨额财政支出重振这一欧洲最大经济体。 根据德意志联邦共和国金融代理公司（DFA）周四发布的声明，德国明年的联邦债务发行量将增加五分之一，达到创纪录的5120亿欧元（约合 6010亿美元）。这一规模不仅显著高于2025年的4250亿欧元，更超过了2023年创下的约5000亿欧元的此前峰值。 此次激进的财政扩张由Friedrich Merz领导的保守派CDU/CSU联盟与财政部长Lars Klingbeil所在的社民党组成的执政联盟共同推动。该政府正试图 重振自疫情以来增长乏力的德国经济，其中核心承诺包括在未来十年内投入5000亿欧元的基金用于修复该国摇摇欲坠的基础设施。 在国防领域，针对欧洲不断演变的安全担忧，柏林方面正在加速行动。就在周三，柏林的立法者刚刚批准了一项约500亿欧元的国防支出计划，用 于采购装甲车、防空导弹和卫星。这些举措标志着德国正根据地缘政治现实，重新调整其预算优先事项。 发行策略调整与期限结构 负责管理政府债务的DFA在声明中详细阐述了融资构成：该机构计划通过资本市场拍卖销售约3180亿欧元的证券，并通过货币市场筹集1760亿欧 元。此 ...

Core Viewpoint - The article discusses the issuance of special refinancing bonds by local governments in China to replace hidden debts, aiming to mitigate repayment risks and reduce interest costs. Group 1: Debt Replacement Plans - Local governments plan to issue a total of 2 trillion yuan in special refinancing bonds this year to replace 2 trillion yuan of existing hidden debts, thereby extending debt maturity and lowering interest rates [1] - As of October 16, 29 provinces have issued approximately 1.99 trillion yuan in refinancing bonds, nearly completing the 2 trillion yuan debt replacement plan for this year [1] - China plans to allow local governments to issue 2 trillion yuan in refinancing bonds annually from 2024 to 2026, totaling 6 trillion yuan, with 4 trillion yuan already completed for 2024 and 2025 [1] Group 2: Provincial Debt Issuance - Jiangsu province leads with a planned issuance of 251.1 billion yuan in refinancing bonds for debt replacement, having received 753.3 billion yuan of the total 6 trillion yuan allocation [2] - Other provinces such as Hunan, Shandong, Guizhou, Henan, and Sichuan have issued over 100 billion yuan each, while Guangdong and Shanghai, as pilot regions for clearing hidden debts, did not receive any allocation [2] - Henan's issuance of 115.08 billion yuan this year is lower than last year's 122.7 billion yuan, indicating a remaining allocation of approximately 7.6 billion yuan [2] Group 3: Financial Impact - The average interest cost of replaced debts has decreased by over 2.5 percentage points, saving local governments more than 450 billion yuan in interest payments [3] - The debt replacement process has improved the asset quality of financial institutions, significantly reducing risks and enhancing their willingness and ability to lend to the real economy [4] Group 4: Future Plans and Recommendations - The remaining 2 trillion yuan for 2026 will be expedited, with suggestions to issue an additional 1 trillion yuan in local government bonds this year to further alleviate hidden debt risks [5] - Experts recommend adjusting the distribution of the 6 trillion yuan debt replacement strategy to better address local debt situations rather than spreading it evenly [5] Group 5: Overall Debt Safety - As of August 2025, the total local government debt stands at 53.2484 trillion yuan, remaining within the approved limit of 57.9874 trillion yuan [6]

Core Points - Guangdong Province issued a total of 365.85 billion yuan in new special bonds from January to August 2025, accelerating the issuance and usage to support economic recovery [1][2] - The central government allocated a new debt limit of 1,106.8 billion yuan to Guangdong from 2024 to August 2025, including 568.6 billion yuan for 2025, which consists of 32 billion yuan in general debt and 536.6 billion yuan in special debt [1] - The province aims to implement a more proactive fiscal policy and promote high-quality development through effective debt management [1] Debt Management and Usage - Guangdong accelerated the issuance of special bonds and optimized the expenditure progress reporting mechanism, with 5,085 billion yuan of new special bonds planned to be fully issued by the end of October 2024 [2] - 80% of the funds are directed towards significant investment areas such as transportation and industrial park infrastructure, with over 80 billion yuan allocated for major infrastructure project capital [2] - The province maintains overall government debt risk at a controllable level, having completed the task of resolving existing hidden debts and ensuring zero growth in new hidden debts [2] Financial Management - Guangdong has strengthened post-issuance management of special bonds and implemented measures to secure repayment funds, ensuring timely and full repayment of all government bond principal and interest [2] - The province is committed to maintaining a bottom line of no risks associated with legal bonds [2]