“一揽子化债”背景下的资金流动及商业银行信贷业务优化调整  

Capital Flows and Optimization of Commercial Bank Credit Business under the"Comprehensive Debt Resolution Package"

作　　者：贾康 郭起瑞[3] 张艳萍(翻译) JIA Kang;GUO Qirui(China Academy of New Supply-side Economics;the Chinese Academy of Fiscal Sciences;Private Banking Department,China Construction Bank)

机构地区：[1]华夏新供给经济学研究院 [2]中国财政科学研究院 [3]中国建设银行私人银行部 [4]不详

出　　处：《中国银行业》2025年第3期39-41,6,共4页China Banking

摘　　要：随着地方政府投融资平台的改革转型,城投公司将积极探索新的发展路径,从传统的基础设施建设领域向多元化的产业领域拓展,尤其是战略性新兴产业、未来产业以及城市更新、运营项目。商业银行可积极参与地方政府主导的合规项目建设,通过搭建银政企协同框架,实现债务风险化解与地方政府投融资平台市场化转型的双重目标。地方政府应坚持在发展中化债,在化债中发展,统筹财政资源与政策支持,明确平台转型路径,通过划拨经营性资产增强平台偿债能力。In November 2024,the Standing Committee of the 14th National People's Congress(NPC)reviewed and approved the State Council Proposal on Increasing Local Government Debt Ceilings to Replace Outstanding Hidden Debts,officially introducing a package of measures to defuse debt risks.This move concretely implemented the earlier expectations of"substantially raising debt quotas in a single move"and"resolving debt with debt".Under this framework,funds will flow through the chain of"central bank-commercial banks-financing platforms,"providing low-interest,long-term liquidity support to help local governments mitigate debt risks,freeing up more financial resources to fuel high-quality development.The authors conduct an in-depth analysis of fund flow and the central bank liquidity management under the comprehensive debt resolution framework.Furthermore,in line with the concept of"advancing debt resolution through development and fostering development through debt resolution"and reform trajectory of local government financing platforms,they propose recommendations for optimizing commercial bank credit operations.

关 键 词：地方政府 商业银行 信贷业务 一揽子化债 

分 类 号：F832.39[经济管理—金融学]