Various regions are accelerating the work of debt conversion. It is reported that Sichuan completed the bidding and issuance of refinancing special bonds (phases 2-4) on February 20th, with an actual issuance scale of 50.675 billion yuan. This is a microcosm of the recent intensive issuance of special bonds for refinancing implicit debt to replace existing stocks in various regions. The reporter sorted out the relevant bond issuance information disclosed by various regions and found that since the beginning of this year, local governments have accelerated the work of replacing hidden debts in stock, especially since February, the issuance of refinancing special bonds has significantly accelerated. After the Spring Festival holiday, various regions have accelerated the adjustment and optimization of the structure of existing debt, incorporated implicit debt into the local government debt management system for unified management and centralized resolution, effectively controlled and prevented the risk spillover of existing implicit debt, ensured the smooth operation of local finance and financial security, and created favorable conditions for sustainable economic development Zhang Yiqun, director and researcher of Jilin Provincial Institute of Fiscal Science, stated in an interview with reporters that replacing the existing implicit debt has effectively alleviated the debt repayment pressure of local governments, opened up the funding chain, and solved long-standing problems such as blocked construction projects and long-term arrears of project payments. According to incomplete statistics from reporters, in January of this year, a total of 8 regions issued refinancing special bonds to replace existing implicit debts, with a total issuance scale of 171.90739 billion yuan. Among them, Tianjin and Hubei had larger issuance volumes, both exceeding 40 billion yuan. After entering February, the issuance of relevant bonds in various regions has significantly accelerated. As of February 20th, eight regions including Zhejiang, Shanxi, and Chongqing have issued a total of 326.29272 trillion yuan of refinancing special bonds to replace existing implicit debts, exceeding the monthly level in January. At the same time, several regions including Jiangsu, Jiangxi, and Inner Mongolia have announced their plans to issue special refinancing bonds in February. For example, Jiangsu will tender and issue the 2025 Jiangsu Provincial Local Government Refinancing Special Bonds (phases 1-4) on February 21, with a planned total issuance of 100 billion yuan. The bond funds will be used to replace existing implicit debts. If the amount of bonds to be issued that have been announced in various regions is included in the calculation, the scale of refinancing special bonds issued by various regions to replace existing implicit debts in February (as of February 20th) will reach 620.1 billion yuan, significantly exceeding the scale in January. Yu Xiaoming, Senior Investment Advisor of Shaanxi Jufeng Investment Information Co., Ltd., stated that since February, various regions have accelerated the issuance of refinancing special bonds to replace existing implicit debts, which is a reflection of their active implementation of the national debt policy. This helps to reduce the short-term debt pressure on local governments, stabilize market confidence, and optimize the allocation of fiscal resources. For local economies, it can also effectively alleviate fiscal pressure, reduce financing costs, and optimize the financial environment. As various regions accelerate the work of debt conversion, reporters have noticed that some areas are gradually pushing for the "zero clearance" of implicit debt, and financing costs have also been effectively reduced. For example, Guangxi Zhuang Autonomous Region stated that it will implement the policy of issuing 51.5 billion yuan of refinancing bonds to replace existing implicit debts by 2024, saving more than 1 billion yuan in interest annually and promoting the clearance of implicit debts of 70 financing platforms. In addition, Xuzhou City in Jiangsu Province stated that it will be the first in the province to achieve zero implicit debt by 2024. It has formulated a detailed city wide zero tolerance plan and approved a special special bond of 11.881 billion yuan, all of which will be used to replace implicit debts. With the support of a package of incremental debt policies, it has successfully completed the goal of zero tolerance for implicit debts. Zhang Yiqun stated that as the progress of local replacement of implicit debt accelerates, some cities and counties have announced the zero clearance of implicit debt, sending a positive signal to the market, indicating the high importance attached by various regions to resolving implicit debt and the firm confidence in maintaining the stability of local financial markets. Yu Xiaoming believes that achieving zero implicit debt in some regions indicates that the overall debt work is accelerating. In the future, various regions should continue to make efforts in debt management, financing platform transformation, financial support, and other aspects to ensure the stability of debt conversion achievements and achieve sustainable development of local economy and finance. (New Society)