地方政府隐性债务化解的进展、问题与对策OA

Preventing and resolving the risk of local government debt is a major issue related to the development and security,as well as the sustainable operation of finance.In November 2024,the launch of a package of debt resolution policies achieved phased results in preventing and resolving local government debt risks.However,problems still exist:local governments still face a huge amount of debt and the problem of implicit debt remains prominent;the contradiction between fiscal revenue and expenditure is sharp,and the incremental fiscal resources for debt conversion are insufficient;The financing platforms are difficult to be marketized;financial risks increase,and so on.The institutional logic that local government implicit debt is difficult to resolve is:unclear powers and responsibilities between governments below the provincial level and between government departments;unclear responsibilities between local governments and state-owned enterprises;ineffective supervision due to the long chain of implicit debt generation of local governments;difficulties in market-oriented transformation of financing platform enterprises;and low returns on government special debt projects.The policy measures to resolve implicit debts of local governments include:implementing targeted policies;optimizing debt structure;defusing debt amid economic development,and vigorously promoting substantive transformation of local government financing vehicles(LGFVs);establishing a compre-hensive local government debt management mechanism based on improving the special bond management system through defusing debt amid economic development,and vigorously promoting substantive transformation of local government financing platforms;establishing a full-chain supervision mecha-nism for local government debt management after clarifying regulatory bodies at all levels;delineating the authority-responsibility relationship between government departments and local state-owned enterprises by deepening fiscal and tax system reform;and building a long-term mechanism for preventing and defusing local debt risks.