Since November 8, when the Standing Committee of the National People's Congress deliberated and approved the policy of increasing the local government debt limit of 6 trillion yuan to replace the existing implicit debt, many local governments have made rapid plans and taken initiatives to accelerate the implementation of debt reduction. According to the statistics of documents disclosed by China Bond Information Network (incomplete statistics), at least 30 places in the country have announced plans to issue special refinancing bonds to replace existing implicit debt, with a total amount of more than 1960.5 billion yuan. Given that the 6 trillion yuan debt limit is arranged over three years, it is almost certain that the local government will complete the 2 trillion yuan limit by the end of this year. The rapid issuance of refinancing special bonds by local governments to replace existing implicit debts is an important measure to actively promote the progress of localized debt. It can enable local governments to improve the efficiency of debt conversion work in a short period of time, promote debt conversion progress, complete debt conversion tasks ahead of schedule, and reduce overall debt risks Song Xiangqing, Vice President of the China Society of Business Economics, stated in an interview with reporters that this is not only beneficial for providing sufficient funds to local governments, easing short-term debt pressure, and avoiding debt default risks, but also for replacing short-term, high cost implicit debts with long-term, low-cost special bonds. This can optimize the debt structure, smooth the future debt repayment curve, alleviate the pressure of concentrated debt repayment, and enhance the sustainable development momentum of local finance. Yang Haiping, a researcher at the Shanghai Institute of Finance and Law, also believes that the issuance of refinancing special bonds by local governments in this round to replace existing implicit debts is fast and efficient. It is expected to ensure the basic completion of this year's 2 trillion yuan debt issuance target before the end of the year, and the efficient implementation of debt policy also sends a positive signal to all sectors of society, providing strong support for the effectiveness of the package of incremental policies. According to the website of the Ministry of Finance on December 5th, Lan Fo'an, Secretary of the Party Group and Minister of the Ministry of Finance, published a signed article titled "Accelerating the Implementation of a Package of Implicit Debt Resolution Policies" (hereinafter referred to as the "Article"). The article proposes that the introduction of a package of implicit debt resolution policies marks four "fundamental changes" in China's debt work ideas. One is to shift from emergency response to proactive resolution; Secondly, there is a shift from point based "mine clearance" to holistic risk elimination; Thirdly, there is a shift from dual track management of implicit and statutory debts to standardized and transparent management of all debts; The fourth is to shift from focusing on risk prevention to emphasizing both risk prevention and development. In terms of shifting from focusing on risk prevention to emphasizing both risk prevention and development, the article states that increasing the local government debt limit and arranging special bond quotas to support the replacement of existing implicit debts are the "highlights" of this year's series of incremental policies, as well as the "timely rain" to enhance economic vitality and boost development confidence, promoting local efforts to increase security in key areas such as scientific and technological innovation, education and employment, and ecological environmental protection, and promoting sustained and healthy economic development. The interviewed experts also generally stated that the rapid issuance of refinancing special bonds to replace existing implicit debts in various regions is expected to have many positive impacts on the local economy. Yang Haiping analyzed that on the one hand, it can greatly alleviate the payment pressure of local finance, reduce future financial expenses, and also free up space for local finance to protect people's livelihoods and promote development; On the other hand, resolving some implicit debts can eliminate the resulting debt chain, help repair the balance sheets of some economic entities, and unleash development potential. The rapid issuance of refinancing special bonds by various regions to replace existing implicit debts has a multifaceted and multi-level impact on the local economy Song Xiangqing stated that from a macroeconomic perspective, after replacing the existing implicit debt, local governments can redirect the funds originally used for debt repayment to areas such as infrastructure construction, industrial support, and technological innovation, which is conducive to promoting economic growth, enhancing market confidence, expanding investment scale, optimizing debt structure, enhancing fiscal and financial sustainability, improving the innovation driving force of the whole society, promoting industrial transformation and consumption upgrading, and promoting high-quality macroeconomic development. (New Society)