The State Council has a new deployment of further prevention and resolution of local debt risk.
On February 23, Premier Li Qiang of the State Council hosted the executive meeting of the State Council.The meeting pointed out that in accordance with the requirements of the Party Central Committees deployment, after all aspects of coordinated efforts, the risk of local debt was relieved as a whole, laying a solid foundation for the next stage of work.
The meeting said that it is necessary to adhere to reform and innovation, strengthen supporting policy support, and promote it with constant tackling, and further promote the implementation of a Pap debt plan.It is necessary to strengthen the source governance, combine and close, block together, and treat both the symptoms, accelerate the establishment of a government debt management mechanism that is compatible with high -quality development, and gradually resolve local debt risks in high -quality development.
The Political Bureau of the Central Committee of the Communist Party of China in July last year proposed that it is necessary to effectively prevent and resolve local debt risks and formulate a share of debt -based solutions.Under the promotion of the Ministry of Finance, more than 20 provinces have issued about 1.4 trillion yuan of special recycling bonds to repay the existing government debt, realize the role of interest rate cuts, and slowly release the risk.Driven by the Peoples Bank of China, financial institutions and financing platforms are equally negotiated. Through the exhibition period, borrowing new, replacement, etc.
Luo Zhiheng, chief economist of Guangdong Securities, told the First Financial that the above -mentioned countries will fully affirm a package of bonds.Local debt risk overall slow release.This means that the risk of local debt has not spread and provides a stable environment for economic and social development.It also means that we have more policy space, especially fiscal policy space to better promote economic development.
At present, local government debt risk is generally safe and controllable.According to data from the Ministry of Finance, as of the end of 2023, the balance of local government debt of the country was 407.373 billion yuan, which was controlled within the limited amount approved by the people across the country.
In addition, the special reinforcement bonds under the "Policy Barchain Plan" last year were issued by special recycled bonds, and urban investment bonds ushered in a round of super market.Since the fourth quarter of last year, the interest rate of the first -level market has settled rapidly, and the "snap -up" state appeared.The secondary market yield has shown a downward trend as a whole, and the credit spread has narrowed significantly.
Wen Laicheng, a professor at the Central University of Finance and Economics, told the First Financial that the above -mentioned countries often deployed the work of the next step in the next step.This also shows that there is still a certain amount of difficulty in preventing and resolving local debt, and it takes a certain time to rely on development to gradually resolve.
Luo Zhiheng analyzed that the National Frequency will have the further deployment of preventing and resolving local debt, and continuing the idea of dealing with debt risks last years financial work conference, that is, emphasizing the establishment of preventing and resolving local debt risksLong -term mechanisms, establish a government debt management mechanism that is compatible with high -quality development.
"Turn debt is not a simple pressure reduction debt scale, and the scale of absolute debt is not risk. As long as the debt use direction and high expenditure efficiency, even if the total debt scale continues to expand, it will alsoIt plays a positive and favorable role in economic and social development, because compared with the growth of debt, the total economic growth will be greater. In fact, debt risk is declining, and debt is realized in high -quality development. "Luo Zhiheng said.
At present, local government debt risks are mainly concentrated on hidden debt. After years of curbing hidden debt increases and resolving stocks, the Ministry of Finance previously stated that the risk of hidden debt risks is steady and slowed down., Overall controllable.
Luo Zhiheng said that the meeting proposed the strengthening of the source governance in the Hua debt, combining far and near, blocking coexistence, and symptoms, and accelerating the establishment of government debt management that is compatible with high -quality development.mechanism.This is to pay more attention to the long -term debt system construction under the initial curbing hidden debt increase.
He said that preventing the resolution of local government debt should focus on the source governance, this requires stable macro tax burden, clarify government relations with the market, and defines government duties and scale.Accelerate the reform of the central and local and provincial fiscal systems below the provincial and provincial, and moderately collect some fiscal rights and expenditure responsibilities, and reduce the liability for fiscal expenditure for localities and cities and counties.Establish a system of motivation and fiscal assessment systems that adapt to the adaptation of the diversified target governance system and avoid the responsibility of government expenditure to avoid multiple goals.
Yuan Quanquan, a senior R & D director of China Cover Pengyuan, told First Finance that the meeting was further deployed to debt. There may be more localized bond measures at the central level.The central gently adds leverage is looking forward to.
The Central Financial Work Conference proposed last year to optimize the central and local debt structures.At present, the proportion of the central governments debt is low, and the proportion of localities is high. Compared with localities, the central government has a large space for leverage, and the low period of financing costs is longer.Last year, the new fiscal deficit and the increase of 1 trillion yuan of government bonds at the end of the year were borne by the central government without increasing the burden on the local fiscal.
