宋代整个金融运行由政府主导且依附于财政体系，整个政府体系以钱粮的循环运转为主要职责，所以各 级政府，尤其是基层政府组织都多多少少具有些金融功能。宋代的三省六部制体系比照唐代有所细化和 加强，户部系统为承担经济、金融管理、运营职能的专门机构系统，一切具有金融功能的专业机构也多 隶属其中。与以前朝代不同的是，宋代经济规模迅猛增长，市场经济发达，刺激了相应的经济管理部门 的扩张和细化。另外，宋代存在大量由于纸币、票据操作而引发的金融活动，由此衍生出一系列相应的 机构，因此，宋代具有金融功能的政府机构形成了一个十分庞大的体系，成为中国历史上绝无仅有的现 象。 榷货务："掌折博觔斗、金帛之属。"(《宋史.职官五》)从字面上看，可以解析出货币兑换的功能，也具 有一些金库的性质，具体实践中，榷货务承担大量的兑换、借贷等金融功能，尤其是深度参与交子的管 理与运行。 交引库："掌给印出纳交引钱钞之事。"(《宋史.职官五》)这是专司负责钞引类和交子类纸币的发行和管 理的部门。 抵当所："掌以官钱听民质取而济其缓急。"(《宋史.职官五》)这是官方的抵押放贷部门。抵当的收入重 做政府经费。哲宗曾下诏"用旧法取量添酒钱赢数，给惟法司吏 ...

11月25日，福州市财政局举办第22期"财苑新知"学习讲坛，局金融与债务管理处曾雪琨处长结合2025年工作成效及2026年申报管理要点，介绍地方专项债 券管理与优化工作，局机关各处室及局属各单位派员参加。 2024年12月，国务院办公厅印发《关于优化完善地方政府专项债券管理机制的意见》，推出17条优化措施，包括放宽专项债资金的投向和用作项目资本金 的范围，并在11个地方推行"自审自发"试点等。结合专项债券投向领域"新清单"、用作资本金"新范围"和自审自发"新机制"，2025年，福州市共争取专项 债511.3亿元，当年新增专项债券再上一个百亿台阶，占全省比重33.97%，保持全省首位。同时，在有限的债务空间内，市财政平衡存量、新增两类建设 项目年度资金需求，合理压降项目建设类专项债比重，全力争取补充财力专项债、土地储备专项债、清欠专项债，债务结构进一步优化。针对2026年专项 债申报管理工作，曾雪琨处长重点强调了"借"的项目质量要优、"用"的资金效益要好、"管"的资产收益要高、"还"的资金来源要稳等四方面要点。 本次讲坛到场干部约80名，现场学习氛围浓厚、讨论热烈，大家普遍反映对专项债政策核心与操作要点有了更加 ...

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]

Core Viewpoint - The UK Chancellor of the Exchequer, Rachel Reeves, is paving the way for a significant policy shift, indicating that the Labour government may abandon its core campaign promise of not raising taxes to address increasing fiscal challenges [1][4]. Group 1: Fiscal Challenges - The UK government faces a fiscal gap estimated at £35 billion, driven by high borrowing costs, costly policy reversals, and a significant downgrade in economic growth forecasts by the Office for Budget Responsibility (OBR) [5]. - Reeves reiterated her commitment to the UK's "ironclad" fiscal rules, countering calls within her party to relax these rules for increased public spending [5]. - The core issue lies in the Labour Party's flagship tax promise during the campaign, which was to avoid raising personal income tax, National Insurance (NI), or Value Added Tax (VAT), collectively contributing to about two-thirds of government tax revenue [5]. Group 2: Political Strategy - Reeves' speech broke traditional norms, as Chancellors typically remain silent before formally presenting the budget, indicating a strategic move to garner support for a politically contentious fiscal plan [4][7]. - The speech aimed to prepare the public for potential widespread tax increases in the upcoming budget, with Reeves emphasizing the need for everyone to contribute to the country's future [6][8]. - Opposition parties criticized Reeves' address, with the Liberal Democrats and Conservatives dismissing it as ineffective and accusing the Labour Party of abandoning its commitments [6].

Group 1 - U.S. Treasury yields are declining, with a focus on quarterly borrowing estimates [1][2] - The U.S. Treasury has lowered its fourth-quarter borrowing estimate by $21 billion to $569 billion, attributed to a higher beginning cash balance and lower projected net cash flows [1] - The 10-year Treasury yield decreased by 2 basis points to 4.086%, while the 30-year yield fell by 2.1 basis points to 4.668% [2]

Core Points - The Ministry of Finance in China has established a new Debt Management Department to oversee domestic debt management policies and regulations, including monitoring government debt and preventing hidden debt risks [1][3] - The Minister of Finance, Lan Fo'an, emphasized a strict discipline against the creation of new hidden debts and aims to implement a long-term regulatory system for local government debt [1] - This initiative is part of China's broader strategy to address local government financing pressures and stabilize economic growth amid a slowdown [3] Summary by Category Debt Management - The newly formed Debt Management Department will draft and execute government domestic debt management policies and plans [1] - Responsibilities include setting limits on national and local government debt balances and enhancing monitoring and regulation of government debt [1] Regulatory Measures - The Ministry will enforce strict accountability for violations related to illegal borrowing and false debt resolution [1] - A unified long-term regulatory system for local government debt is being established to prevent future debt accumulation [1] Economic Context - Last year, China introduced a debt scheme totaling 10 trillion yuan (approximately 1.83 trillion SGD) to alleviate financing pressures on local governments and support weak economic growth [3] - The focus remains on resolving debts accumulated through local financing platforms, referred to as hidden debts [3]

Core Viewpoint - The establishment of the Debt Management Department within the Ministry of Finance aims to enhance the management of government debt, ensuring it aligns with high-quality development goals and mitigates risks associated with local government debt [1][3][4]. Group 1: Department Structure and Responsibilities - The Debt Management Department is now officially listed as a department of the Ministry of Finance, with Li Dawei as the director and two deputy directors, Qu Fuguo and Zhao Zeyong [1]. - The department consists of six divisions: Comprehensive Division, Central Debt Division, Local Debt Division I, Local Debt Division II, Issuance and Redemption Division, and Monitoring and Management Division [1][2]. Group 2: Debt Management Mechanism - The primary responsibilities of the Debt Management Department include formulating and implementing domestic debt management policies, managing both central and local government debt, and monitoring government debt to prevent hidden risks [3][4]. - The total government debt in China is projected to reach 92.6 trillion yuan by the end of 2024, comprising 34.6 trillion yuan in national debt, 47.5 trillion yuan in local government legal debt, and 10.5 trillion yuan in local government hidden debt, resulting in a government debt ratio of 68.7% [3]. Group 3: Policy Implementation and Future Outlook - The Ministry of Finance plans to continue managing local government debt limits strictly, ensuring sustainable use and repayment capabilities [4]. - Li Dawei announced that 500 billion yuan will be allocated from the existing local government debt limit to support local governments in addressing existing project debts and enhancing fiscal capacity [5].