Changjiang Commercial Daily News ● Changjiang Business Daily reporter Xu Meimei
The 12th Session of the 14th National Peoples CongressAt the afternoon of the 8th, the Great Hall of the People was closed.The meeting approved the resolution of the Standing Committee of the National Peoples Congress on the approval of the "Proposal of the State Council on the request to review and increase the hidden debt of the extension of local government debt limits".The proposal proposes that on the basis of compacting the liability for local subjects, it will increase 6 trillion yuan to replace the hidden debt of the existing debt of local government debt.
In order to facilitate the operation and play the effectiveness of the policy as soon as possible, the entire debt limit is arranged as a special debt limit, and the approval is approved for 3 years.From 2024 to 2026, 2 trillion yuan is supported, supporting localities to replace various hidden debts.
Directly increase localized debt resources of 10 trillion
The MinistryWith the coordinated efforts of all localities and departments, the scale of hidden debt in Chinese government has decreased.At the end of 2023, after the project screening and step -by -step review, the balance of hidden debt in the country was 14.3 trillion yuan.Since this year, due to factors such as changes in external environment and insufficient internal demand, some new situations and problems have occurred in economic operations. Tax revenue is less than expected, land transfer revenue has fallen sharply, and the difficulty of hidden debt resolution in various places has increased.
For the hidden debt of the local government of 14.3 trillion yuan, there will be three financial measures.First, starting from 2024, 800 billion yuan will be arranged from new local government bonds for five consecutive years to supplement government fund financial resources and specially used for debt. Cumulative recessions can be replaced with 4 trillion yuan.Second, the 6 trillion yuan debt limit approved by the Standing Committee of the National Peoples Congress.The addition of the two directly increases the localized debt resources of 10 trillion yuan.In order to facilitate the operation and the effectiveness of the policy as soon as possible, the entire debt limit is arranged as a special debt limit, and the approval is approved for three years.According to this arrangement, the special debt limit for local governments at the end of 2024 will increase from 2.952 trillion yuan to 35.52 trillion yuan.Third, the hidden debt of the shantytown renovation of the shantytown in 2029 and after the year is still repaid by the original contract.The above three policies coordinated. Before 2028, the total amount of hidden debt that needed to digest from local digestion was sharply reduced from 1.4.3 trillion yuan to 2.3 trillion yuan, and the average annual digestion was reduced from 2.86 trillion yuan to 460 billion yuan, less than less than less than less than 2.86 trillion yuan, less than less than less than less than 2.86 trillion yuan, less than less than less than 2.86 trillion yuan.One -sixth of the original.
This replacement policy is the most powerful measure to support debt in recent years, and it also means that nationalized debt work has changed from past emergency disposal to the current active resolution;From hidden bonds and legal bonds "dual -track" management to all debt standardized transparency management transformation; from focusing on risk prevention to risk prevention risks, promoting development and focusing on development.
Implement more powerful fiscal policy
According to the data released by the Ministry of Finance, from the international comparison, China, ChinaThe government debt ratio is significantly lower than that of major economies and emerging market countries.According to statistics from the International Monetary Fund, the national average government liabilities rate of the Group (G20) at the end of 2023 was 118.2%, and the average government liability ratio of the Seven Kingdoms (G7) Group (G7) was 123.4%.During the same period, the total amount of full -caliber debt in my countrys government was 85 trillion yuan. Among them, the Treasury bonds were 3 trillion yuan, the local governments legal debt was 4.07 trillion yuan, the hidden debt was 14.3 trillion yuan, and the government debt ratio was 67.5%.
The Ministry of Finance said that the Ministry of Finance is currently actively planning a step -by -step fiscal policy to increase the adjustment of inverse cycle.On the one hand, the continuous implementation of the incremental policy is effective.At present, the relevant tax policies that support the healthy development of the real estate market have been submitted according to procedures and will be launched in the near future.The hidden debt replacement work will start immediately.The issuance of special government bonds supplement the core first -level capital of state -owned large -scale commercial banks, which are accelerating.Special bonds support the recycling of idle existing land, new land reserves, and the acquisition of existing commercial housing for affordable housing.
On the other hand, combined with the economic and social development goals next year, we will implement more powerful fiscal policies.Actively use the improved deficit space, expand the scale of the issuance of special bonds, broaden the investment field, and increase the proportion of capital as capital.Continue to issue ultra -long -term special Treasury bonds to support the construction of security capabilities for major national strategies and key areas.Increase the efforts to support large -scale equipment updates, and expand consumer goods with new varieties and scale.Increase the central governments scale of local transfer payment, and strengthen investment in key areas such as scientific and technological innovation and peoples livelihood.
