摘要：Chinadaily-China will employ a package of targeted measures to further address local government debt this year, with a particular
Chinadaily-China will employ a package of targeted measures to further address local government debt this year, with a particular focus on accelerating the debt swap program, reforming local government financing vehicles and curbing the accumulation of new hidden debt, officials and analysts said.
今年中国将采取一系列有针对性的措施来进一步应对地方政府债务问题，特别侧重于加快债务置换计划、改革地方政府融资平台以及遏制新增隐性债务的积累。
With the debt - relief package — a multipronged adjustment to ease local government financing pressure — the country is better positioned to pursue the broader agenda of fostering economic stability and progress, they added.
通过债务减免一揽子计划——这是一项旨在缓解地方政府融资压力的多方面调整措施——中国能够更好地推进促进经济稳定和发展的更广泛议程。
Feng Lin, executive director of research at Golden Credit Rating International, said, "The key is to maintain a clear - eyed view of the interplay between debt management and economic development, and ensure that the two are mutually reinforcing, rather than conflicting priorities."
金诚国际信用评级有限公司研究执行总监冯林表示：“关键在于要清楚认识到债务管理与经济发展之间的相互作用，确保二者相互促进，而不是相互冲突。”
Simply concentrating on debt reduction alone could stifle local governments' ability to invest in growth - enhancing initiatives, hampering their long - term development. Conversely, a development - centric approach that neglects debt risks would also undermine the sustainability of economic progress, Feng said.
冯林称，仅仅专注于债务削减可能会抑制地方政府对促进经济增长举措的投资能力，从而阻碍其长期发展。相反，以发展为中心却忽视债务风险的做法也会削弱经济发展的可持续性。
Minister of Finance Lan Fo'an said at a news conference on Thursday that this year his ministry will guide localities to expedite the issuance and utilization of a 2 trillion yuan ($276.44 billion) bond quota to facilitate the replacement of hidden debt.
财政部部长蓝佛安周四在新闻发布会上表示，今年财政部将指导各地加快发行和使用2万亿元（2764.4亿美元）的债券额度，以推动隐性债务置换。
In November, the Ministry of Finance introduced a 10 trillion yuan debt swap program to help local governments alleviate their financial pressures. This initiative aims to free up more funds and resources that can be channeled toward driving economic development.
去年11月，财政部推出了一项10万亿元的债务置换计划，以帮助地方政府缓解财政压力。这一举措旨在释放更多资金和资源，用于推动经济发展。
As of Wednesday, local governments had issued bonds totaling 2.96 trillion yuan aimed at replacing existing debts. And the bonds issued last year for the replacement of 2 trillion yuan of local government debt saw an average reduction in interest rates by over 2.5 percentage points, Lan said.
蓝佛安称，截至周三，地方政府已发行总额达2.96万亿元的债券用于置换现有债务。去年发行的用于置换2万亿元地方政府债务的债券，平均利率降幅超过2.5个百分点。
It's estimated that these bonds will reduce interest payments by over 200 billion yuan over five years, significantly easing funding pressures and interest costs for local governments, Lan added.
蓝佛安还补充道，据估计，这些债券在五年内将减少超2000亿元的利息支出，大大缓解地方政府的资金压力和利息成本。
As of end - 2023, China had a total hidden debt balance of 14.3 trillion yuan, which the authorities plan to trim to 2.3 trillion yuan by 2028, according to the ministry.
据财政部称，截至2023年底，中国隐性债务余额总计14.3万亿元，有关部门计划到2028年将其削减至2.3万亿元。
Dedicated efforts will be made to strip government financing functions from local government financing vehicles and facilitate their market - oriented transformation, to prevent State - owned enterprises and public institutions from simply adopting "new disguises" to continue their debt - fueled practices, Lan said.
蓝佛安表示，将着力剥离地方政府融资平台的政府融资职能，推动其市场化转型，防止国有企业和事业单位换个“新马甲”继续以举债方式行事。
By making the prevention of illegal and irregular borrowing a top priority in fiscal oversight, the government is sending a clear message that it will not tolerate any further accumulation of hidden liabilities, Lan added.
蓝佛安还补充道，通过将防范违法违规举债作为财政监督的重中之重，政府明确表明不会容忍隐性债务的进一步积累。
That said, the Government Work Report also highlighted the need to refine existing assessment and control measures, emphasizing "a dynamic adjustment of the list of high - risk regions", to enable new investment opportunities in these areas.
话虽如此，政府工作报告也强调了完善现有评估和管控措施的必要性，特别强调“对高风险地区名单进行动态调整”，以便在这些地区创造新的投资机会。
The inclusion or exclusion of specific regions on the high - risk list will be subject to periodic review, taking into account evolving economic conditions, fiscal revenue and debt servicing capabilities, said Wen Laicheng, a professor at Central University of Finance and Economics.
中央财经大学教授温来成表示，对高风险名单中特定地区的纳入或剔除将定期进行审查，审查时会考虑不断变化的经济状况、财政收入和债务偿还能力等因素。
"This dynamic adjustment mechanism is designed to prevent overly restrictive government investment policies from inadvertently hampering local economic development," Wen said.
温来成称：“这种动态调整机制旨在防止过于严格的政府投资政策在无意中阻碍地方经济发展。”
The government remains committed to encouraging local government investment, but with a focus on optimizing investment structure and efficiency as well as guiding investment toward emerging sectors, such as the low - altitude economy and artificial intelligence, that are well - suited to regional comparative advantages, Wen added.
温来成还补充道，政府仍致力于鼓励地方政府投资，但重点在于优化投资结构和效率，同时引导投资流向低空经济和人工智能等适合地区比较优势的新兴领域。
来源：小蔚观世界