Yuan Haixia, executive dean at China Chengxin International Research Institute,
said short-term priorities are faster implementation of existing policies and
preparing incremental measures and policy coordination to shore up micro-level
expectations, with the bond market playing a central role. She urged
accelerating issuance and use of ultra-long special treasury bonds, local
special government bonds and policy financial instruments. On local debt, she
said large-scale swap operations have kept aggregate local government debt risk
controllable but called for a long-term debt-management framework aligned with
high-quality growth. She recommended compiling a comprehensive government
asset-liability ledger to assess true balance sheets and repayment capacity,
monetizing stock assets via REITs, asset securitization and
transfer-of-operations, and linking monetization results to debt limits and
transfer-payment incentives.
