中國債券市場主要監管機構——銀行間市場交易商協會（NAFMII）正採取新措施限制地方政府融資平台（LGFV）的債券發行。該協會本週通知部分銀行承銷商，若地方政府融資平台當前存續債券規模超過2023年3月31日的水平，則應暫停正在進行的債券銷售並避免新的發行計劃。此舉是本月第二次針對該領域的監管收緊，旨在遏制過度舉債融資。

這項政策對債務負擔較重的地方政府融資平台影響尤為顯著，因為它們將面臨更少的再融資選擇來償還即將到期的債務。目前LGFV存續債券總額約為16萬億元人民幣（約2.4萬億美元），其中約5萬億元將於2027年底前到期，約52.7%的債券在銀行間市場掛牌交易。此前監管部門已要求LGFV避免發行短期債券，並限制企業赴海外以更高收益率融資。

儘管LGFV板塊曾被視為亞洲最大的金融風險，但在中國要求銀行和省級政府協助LGFV償還2027年6月30日前到期的境內外債務後，其借貸成本已降至歷史低位。與此同時，中國上月還敦促國內評級機構減少AAA最高評級的過度集中，要求評級公司重新審視其覆蓋的發行人是否仍符合更新後的AAA評級標準，以改善信用風險評估體系。

China's major bond regulator, the National Association of Financial Market Institutional Investors (NAFMII), is intensifying efforts to restrict bond issuances by local government financing vehicles (LGFVs). The regulator has instructed certain bankers that LGFVs whose outstanding notes exceed levels recorded as of March 31, 2023, must suspend current bond sales and refrain from launching new offerings. This represents the second regulatory tightening targeting the sector within the same month, aimed at curbing excessive debt financing.

The policy disproportionately affects highly indebted LGFVs by narrowing their refinancing options for maturing obligations. LGFVs collectively hold approximately 16 trillion yuan (US$2.4 trillion) in outstanding bonds, with roughly 5 trillion yuan due by the end of 2027 and about 52.7% of these notes listed on the interbank market. Regulators had previously moved to discourage LGFVs from issuing short-term bonds domestically and have also sought to limit offshore fundraising at elevated yields.

Although the LGFV sector was once identified as Asia's foremost financial risk, borrowing costs have since fallen to record lows after Beijing directed banks and provincial governments to assist LGFVs in repaying domestic and offshore debt maturing by June 30, 2027. In a parallel initiative to strengthen credit-risk assessment, China last month urged domestic rating agencies to reduce the heavy concentration of top-tier AAA ratings in the bond market, requiring firms to reassess whether covered issuers still meet updated AAA criteria.