区域研究报告 山西省及下辖各市经济财政实力与债务研究（2024） 公共融资部 罗媛媛 经济实力：山西省地处我国中部，是我国重要的能源基地和矿产资源大省， 也是我国首个全国能源综合改革试点省份。近年来山西省持续推进供给侧改革， 并将制造业振兴作为产业转型的主攻方向，但地方经济对煤炭及相关产业的依赖 性仍较强。2023 年国内煤炭供应总体宽松，煤炭价格趋弱，山西省工业经济增速 放缓，同年服务业复苏态势良好，对经济发展贡献有所提升。2023 年山西省实现 地区生产总值 2.57 万亿元，排名全国第 20 位，位次不变；经济增速为 5%，较 上年提升 0.6 个百分点，略低于全国平均增速 0.2 个百分点；全省人均地区生产 总值和城镇居民人均可支配收入分别为 7.40 万元和 4.13 万元，分别为全国水平 的 82.80%和 79.84%。从三大需求看，2023 年山西省总体投资需求不足，全省固 定资产投资增速由正转负，同年山西省出台一揽子促消费政策，全省消费市场逐 步回暖，但受重点外贸企业拖累，进出口规模持续下降。2024 年上半年，煤炭价 格持续震荡下行，加之安监趋严以及资源税上调等因素影响，山西省经济增速显 ...

区域研究报告 陕西省及下辖各市经济财政实力与债务研究（2024） 公共融资部 严奇昊 经济实力：陕西省位于中国西北内陆，是全国重要的重工业基地，能源化工、 装备制造和有色冶金等传统产业较为发达，经济总量在全国各省中处于中游水平。 2023 年陕西省实现生产总值 3.38 万亿元，全国各省（区、市）排名第 14 位，但 在复杂严峻的内外部环境下，经济增长压力加大，当年经济增速低于全国水平。 从经济增长动力结构看，2023 年陕西省民间投资活力不足，房地产开发投资持 续回落，使得固定资产投资增速下滑明显，同时进出口需求不振，主要依靠消费 市场带动经济增长。2024 年上半年度，陕西省实现地区生产总值 1.63 万亿元， 同比增长 4.3%。 陕西省三大地区资源禀赋存在差异，经济发展呈现分化格局。关中地区产业 门类较为丰富，支柱产业囊括高新技术、装备制造、有色冶金、能源化工、食品 加工等行业，系全省经济的中坚力量；其中西安市生产总值为 1.20 万亿元，约占 全省地区生产总值的三分之一，在全省经济规模中处于绝对领先地位。陕北地区 的榆林和延安两市均为典型的资源型城市，以煤炭采选和石油天然气开采为支柱 产业，2023 ...

Economic and Fiscal Strength of Shandong Province - Shandong Province achieved a GDP of 9.2 trillion yuan in 2023, ranking third in China with a growth rate of 6.0%, which was 0.8 percentage points higher than the national average [1][13] - The province's investment, consumption, and import-export growth rates in 2023 were 5.2%, 8.7%, and 1.7% respectively, with consumption showing a significant recovery [1] - In the first three quarters of 2024, Shandong's GDP reached 7.2 trillion yuan, maintaining its third position nationally with a growth rate of 5.6%, again 0.8 percentage points higher than the national average [1][13] Economic Performance of Shandong's Cities - Qingdao led the province with a GDP of 1.58 trillion yuan in 2023, accounting for 17.1% of the province's total GDP, followed by Jinan with 1.28 trillion yuan [2] - Yantai became the third city in Shandong to surpass 1 trillion yuan in GDP, reaching 1.02 trillion yuan in 2023 [2] - Most cities in Shandong saw investment growth in single digits, while consumption growth rebounded significantly, with growth rates between 6% and 12% [2] Fiscal Revenue and Expenditure - Shandong's general public budget revenue in 2023 was 746.48 billion yuan, a 5.1% increase, ranking fifth nationally with a tax ratio of 70.1% [2][28] - Government fund budget revenue declined by 19.0% to 492.54 billion yuan in 2023 due to a downturn in the land market [3][28] - In the first three quarters of 2024, the general public budget revenue grew by 3.6% to 606.51 billion yuan, with a fiscal self-sufficiency rate of 67.1% [3][28] Debt Situation - Shandong's government debt balance reached 2.39 trillion yuan at the end of 2023, a 16.5% increase from the previous year, surpassing Jiangsu to become the second-largest in China [6][7] - The debt balance was 3.9 times the general public budget revenue, ranking 16th nationally in terms of debt coverage [7] - Qingdao and Jinan had the highest government debt balances at 362 billion yuan and 318.04 billion yuan respectively, with debt growth rates exceeding 20% in some cities [8][82] Urban Investment Bonds - Shandong's urban investment bond issuance in 2023 was 324.8 billion yuan, a 39.7% increase from 2022, ranking fourth nationally [87] - Qingdao led with 97.65 billion yuan in issuance, followed by Jinan with 78.14 billion yuan [88] - By the end of September 2024, the issuance of urban investment bonds reached 266.72 billion yuan, with some cities like Binzhou and Dongying exceeding their 2023 full-year issuance levels [87]

信用评论 《金融租赁公司管理办法》解读 金融机构部 宫晨 概要：2024 年 9 月，国家金融监督管理总局发布了《金融租赁公司管理办法》（以下简 称"《办法》"）。相较于 2024 年 1 月发布的《征求意见稿》，《办法》涉及的主要调整 包括：商业银行和国有金融资本投资、运营公司作为主要出资人的要求略有下降，新增加了 国有资本投资、运营公司作为主要出资人的条件，对股东义务的要求有所加强，投资范围新 增了同业存单等。同时，考虑到部分金融租赁公司整改难度较大，《办法》修订了整改要 求。相较于《金融租赁公司管理办法》（中国银监会令 2014 年第３号），《办法》提高了 金融租赁公司最低注册资本和出资人要求，夯实了股东义务，规范了金融租赁公司的业务经 营规则，加强金融租赁公司的公司治理、风险管理等方面的监管。整体来看，新设金融租赁 公司难度大幅增加，《办法》要求大股东对金融租赁公司控股，可以压实股东责任，降低出 现公司治理问题的风险；业务方面加强租赁物的适格性管理，引导金融租赁公司回归"融资 +融物"本源。 新世纪评级版权所有 为全面加强金融监管、优化金融服务、防范化解风险，金融监管总局在广泛调研、全面总 结经验教训 ...

Economic Strength of Jiangsu Province - Jiangsu Province is one of the most economically developed regions in China, with a GDP of 12.82 trillion yuan in 2023, a year-on-year increase of 5.8% [1][8] - The industrial economy remained stable, with advanced manufacturing showing relatively good growth, and the service sector maintaining a robust position [1][8] - In 2024, the GDP growth rate for the first three quarters was 5.7%, slightly lower than the same period last year [1][8] Regional Economic Differences - In 2023, the GDP ranking of cities in Jiangsu remained unchanged, with significant economic disparities between regions [2] - Southern Jiangsu cities like Suzhou, Nanjing, and Wuxi had GDPs exceeding 1 trillion yuan, while northern Jiangsu cities had smaller economies [2][32] - Economic growth rates across cities ranged from 4.6% to 10.2%, with most cities experiencing steady growth in 2024 [2][32] Fiscal Strength - Jiangsu's general public budget revenue in 2023 was 993.018 billion yuan, a 7.25% increase year-on-year, with tax revenue accounting for 80.33% [2][21] - Government fund revenue, mainly from land sales, declined by 10.13% in 2023 due to the downturn in the real estate market [2][21] - The fiscal self-sufficiency rate was 65.15%, ranking fifth nationally [2][21] Debt Situation - Jiangsu's government debt balance at the end of 2023 was 2.273 trillion yuan, a 9.85% increase year-on-year, ranking third nationally [6][71] - The debt-to-revenue ratio was 2.29 times, indicating relatively low debt pressure compared to other provinces [6][71] - Urban investment bonds and interest-bearing debt remained high, with a total of 7.99 trillion yuan in 2023, posing significant repayment pressure [6][88] Industrial Structure - Jiangsu's industrial structure shifted to a "three-two-one" pattern, with the tertiary sector accounting for 51.6% of GDP in 2023 [16] - Advanced manufacturing, particularly in equipment manufacturing, grew by 7.8%, contributing 53.4% to industrial added value [16][17] - Key industries such as automobiles, electrical machinery, and new energy products showed strong growth [16][17] Service Sector Performance - The service sector remained a pillar of the economy, with a 5.1% growth in 2023, accounting for 51.6% of GDP [18] - Transportation and tourism rebounded strongly, with passenger traffic increasing by 54.4% and tourism revenue by 45.7% [18] - Financial and postal services maintained stable growth, with financial institution deposits and loans increasing by 12.9% and 14.6%, respectively [18] Investment and Consumption - Fixed asset investment in Jiangsu grew by 5.2% in 2023, with private investment accounting for 66.5% of the total [18] - Real estate investment declined by 4.2%, but the rate of decline narrowed compared to the previous year [18] - Retail sales of consumer goods increased by 6.5%, with online retail sales accounting for 24.5% of total retail sales [19] Foreign Trade - Jiangsu's foreign trade declined in 2023, with total import and export volume decreasing by 3.2% [20] - Export volume fell by 2.5%, while import volume dropped by 4.3% [20] - In 2024, the decline in foreign trade continued, with a 9.0% drop in real estate development investment in the first three quarters [20] Urban Economic Indicators - Suzhou, Nanjing, and Wuxi led in GDP, with Suzhou's GDP reaching 2.47 trillion yuan in 2023 [39] - Southern Jiangsu cities had higher per capita GDP, with Wuxi leading at 206,300 yuan per capita [42] - Northern Jiangsu cities lagged in economic indicators, with per capita GDPs below 100,000 yuan [42] Fiscal Performance by City - Suzhou, Nanjing, and Wuxi had the highest general public budget revenues, exceeding 100 billion yuan each in 2023 [57] - Lianyungang, Suqian, and Nantong showed the highest growth rates in public budget revenue, while Nanjing had the lowest growth rate [59] - Fiscal self-sufficiency rates varied significantly, with southern Jiangsu cities generally having higher rates [61] Government Fund Revenue by City - Government fund revenues were concentrated in economically strong cities like Suzhou, Changzhou, and Nanjing [64] - Most cities saw declines in government fund revenue due to the real estate market downturn, with only Yancheng, Lianyungang, and Zhenjiang showing positive growth [65] - Government fund revenues remained a significant source of local fiscal strength, often exceeding general public budget revenues [69] Debt Distribution by City - Nanjing had the highest government debt balance at 307.003 billion yuan in 2023, followed by Zhenjiang at 245.908 billion yuan [82] - Suzhou had the lowest debt-to-revenue ratio at 83.28%, indicating strong fiscal coverage of debt [84] - Zhenjiang's debt-to-revenue ratio was the highest at 766.76%, reflecting significant debt pressure [84] Urban Investment Bonds - Jiangsu's urban investment bonds and interest-bearing debt were the highest in the country, with a total of 7.99 trillion yuan in 2023 [88] - Nanjing and Suzhou had the highest outstanding urban investment bonds, with Nanjing at 479.91 billion yuan and Suzhou at 314.665 billion yuan [92] - Debt pressure varied by city, with Yancheng, Taizhou, and Huai'an facing the highest debt burdens relative to fiscal revenue [101]

Economic Strength of Zhejiang Province - Zhejiang Province has a robust economic foundation characterized by a well-developed private sector and trade, with a GDP of 8.26 trillion yuan in 2023, marking a 6.0% year-on-year growth, positioning it fourth nationally [1][9][22] - The province's digital economy has become a significant growth engine, contributing to the recovery of industrial and service sectors, with emerging industries leading the industrial economy's steady rebound [1][7][14] - Fixed asset investment growth has slowed due to reduced infrastructure investment and low growth in real estate development, while foreign trade has expanded, albeit at a declining growth rate [1][19] Fiscal Strength of Zhejiang Province - Zhejiang's general public budget revenue reached 8600.51 billion yuan in 2023, ranking third nationally, with a year-on-year growth of 7.0% [3][22][29] - Tax revenue accounted for 7124.55 billion yuan, growing by 7.6%, maintaining a tax ratio of around 85% [3][22] - Government fund budget revenue decreased by 16.9% to 8363.13 billion yuan, primarily due to a decline in land market activity [3][30] Debt Situation of Zhejiang Province - By the end of 2023, the total local government debt in Zhejiang Province reached 22885.95 billion yuan, reflecting a 13.5% increase from the previous year, with a controlled risk profile due to strict debt management [4][70][74] - The ratio of local government debt to general public budget revenue was 2.66, indicating a manageable debt level relative to revenue [74][80] - The province's city investment enterprises have seen a rapid expansion of interest-bearing debt, with a total of 5.85 trillion yuan by the end of 2023, ranking second nationally [83][89] Economic and Fiscal Analysis of Cities in Zhejiang Province - The economic strength of cities like Hangzhou and Ningbo remains prominent, with GDPs of 2 trillion yuan and 1.65 trillion yuan respectively in 2023 [2][38] - Cities such as Wenzhou, Shaoxing, and Jiaxing are in the second tier, with GDPs ranging from 600 billion to 880 billion yuan, while Taizhou's economy has been under pressure [2][38] - Fiscal performance varies, with cities like Zhoushan and Quzhou showing significant recovery in public budget revenue, while others face challenges due to declining land transaction revenues [4][58] Investment and Consumption Trends - In 2023, Zhejiang Province's fixed asset investment growth was 6.1%, with manufacturing investment maintaining double-digit growth despite a slowdown in infrastructure investment [17][18] - The retail sales of consumer goods reached 3.26 trillion yuan, growing by 6.8%, with notable recovery in the catering sector [18][53] - The province's foreign trade maintained its status as a major trading hub, with total imports and exports amounting to 4.90 trillion yuan, although growth rates have declined [19][54]

Economic Strength of Shanghai - Shanghai, as China's economic center and the core city of the Yangtze River Delta, has a significant agglomeration and radiation function, leading regional development with a modern industrial system dominated by modern services, led by strategic emerging industries, and supported by advanced manufacturing [1] - In 2023, Shanghai's GDP reached 4.72 trillion yuan, with a year-on-year growth of 5.0%, driven primarily by the tertiary industry, which accounted for 75.2% of the total GDP [17] - The city's investment, consumption, and import-export growth rates in 2023 were 13.8%, 12.6%, and 0.7% respectively, though consumption growth faced pressure in 2024 with a decline of 3.4% in the first nine months [1][17] District-Level Economic Performance - Shanghai's districts are clearly differentiated in terms of functional planning and industrial positioning, with central districts focusing on high-end services like finance and modern commerce, while suburban areas focus on strategic emerging industries and advanced manufacturing [2] - In 2023, Pudong New Area had the highest GDP at 1671.515 billion yuan, while Chongming District had the lowest at 42.186 billion yuan, with most districts falling within the 1000-3000 billion yuan range [2] - Central districts generally outperformed suburban areas in GDP growth, with Changning District (12.8%), Xuhui District (8.2%), and Jing'an District (7.0%) showing particularly strong growth, while suburban areas like Qingpu District (5.7%) and Jinshan District (6.5%) also performed well [2][3] Fiscal Strength and Revenue Structure - Shanghai's fiscal strength is robust, with general public budget revenue reaching 831.25 billion yuan in 2023, a 9.3% year-on-year increase, driven by recovery from the pandemic and large-scale tax refunds [4] - The city's fiscal structure is dominated by general public budget revenue, with low reliance on non-tax revenue, superior subsidies, and debt income, reflecting strong fiscal self-sufficiency [4][42] - In 2024, the growth of general public budget revenue slowed to 1.2% in the first half of the year, with declines in major tax categories due to reduced corporate sales and profits [4][42] Industrial Structure and Emerging Industries - Shanghai's industrial structure is characterized by a modern service sector as the main body, with strategic emerging industries and advanced manufacturing as key drivers, particularly in sectors like integrated circuits, biomedicine, and artificial intelligence [1][29] - In 2023, the added value of strategic emerging industries reached 1.17 trillion yuan, accounting for 24.8% of the city's GDP, with industrial strategic emerging industries contributing 398.818 billion yuan, a 1.5% increase [24] - The city's industrial strategic emerging industries, including new energy, high-end equipment, and biomedicine, accounted for 43.9% of the total industrial output value in 2023, reflecting a steady increase in their contribution [28] Real Estate and Infrastructure Development - Shanghai's real estate market saw significant investment growth in 2023, with total real estate development investment reaching 588.579 billion yuan, a 18.2% year-on-year increase, driven by residential investment [36] - The city's infrastructure development remains strong, with major projects like the expansion of Pudong International Airport and the construction of the Shanghai East Railway Station progressing steadily, enhancing the city's transportation hub status [35] - In 2024, the city's government fund budget revenue increased by 14.7% in the first half of the year, driven by accelerated land supply and market activity [5][7]

区域研究报告 福建省及下辖各市经济财政实力与债务研究（2024） 公共融资部 张烨 经济实力：福建省地处长三角和珠三角中间区域，同时是改革开放的前沿重 地，在承接发达地区产业辐射、对外贸易方面具有独特的区位及政策优势，近年 经济保持较快发展。2023 年福建省经济总量继续超五万亿，规模接近湖北省，当 年实现地区生产总值 5.44 万亿元，位列全国第八位，同比增长 4.5%；人均地区 生产总值为 12.99 万元，位列全国第四位，排名靠前。福建省工业基础完善，制 造业发达，机械装备、电子信息和石油化工三大传统主导产业对经济支撑作用明 显，同时着力培育经济新能力，新能源汽车、软件和信息技术服务业等新兴产业 增势良好；同时以物流业和金融业等为代表的服务业不断发展，产业结构逐步优 化。2023 年福建省三次产业结构比为 5.9:44.1:50.0。福建省经济外向程度较高， 受国际环境及外部经济体影响，外贸面临的不确定性因素较多。2024 年前三季 度，福建省实现地区生产总值 4.02 万亿元，同比增长 5.5%，增速较上年同期有 所回升，高于同期全国增速 0.7 个百分点。 从下辖各地级市情况看，福建省区域发展呈现不 ...

Economic Analysis - Hubei Province is a significant industrial base in central China, with a solid industrial and economic foundation. In 2023, the province's GDP reached 55,803.63 billion yuan, growing by 6.0% year-on-year, which is 0.8 percentage points higher than the national average [1][14] - The per capita GDP for Hubei Province was 95,538 yuan, ranking 9th nationally and 1st in central China, with a year-on-year growth of 5.9% [1][14] - In 2023, the province's investment, consumption, and foreign trade growth rates were 5.0%, 8.5%, and 5.8%, respectively, with consumption showing a significant recovery from the previous year [1][31] Fiscal Strength - In 2023, Hubei Province's general public budget revenue was 3,692.79 billion yuan, a year-on-year increase of 12.55%, ranking 11th among all provinces and cities in China [5][38] - The tax revenue ratio was 72.39%, slightly down from the previous year, indicating a relatively high revenue quality [5][38] - The government fund budget revenue was 2,884.77 billion yuan, showing a slight increase of 0.49% year-on-year, despite the overall weak real estate market [5][43] Debt Situation - By the end of 2023, Hubei Province's government debt balance was 15,625.72 billion yuan, an increase of 12.41% from the previous year, remaining below the debt limit set by the Ministry of Finance [9][10] - The debt-to-general public budget revenue ratio was 4.23 times, indicating a slight decrease from the previous year, placing Hubei in the middle tier among provinces [9][10] - The province's local government debt is primarily managed under strict limits, with overall debt risk considered controllable [9][10] Industrial Structure - Hubei Province's industrial production faced challenges in 2023, with the added value of large-scale industrial enterprises growing by 5.6%, which is 1.0 percentage points higher than the national average [24][26] - The province is focusing on developing new energy and intelligent connected vehicles, with significant growth in high-tech manufacturing, which increased by 5.7% year-on-year [27][28] - The service sector also showed robust growth, with transportation, warehousing, and postal services increasing by 17.3% [28] Real Estate Market - The real estate market in Hubei continued to face downward pressure, with a negative growth rate of -3.5% in real estate development investment in 2023 [30][31] - The total sales area of commercial housing was 52.64 million square meters, a decrease of 5.6% year-on-year, although the decline was less severe than in the previous year [30][31] - The province's real estate policies are being optimized to support housing demand, but the market recovery is still under pressure from various macroeconomic factors [30][31]

Economic Overview - The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) covers 0.6% of China's land area but generates 1/9 of the national economic output, with a total economic volume exceeding 14 trillion RMB in 2023[2] - The GBA has a resident population of over 86 million, showcasing significant economic vitality and strategic importance in China's development framework[2] Financial Sector Development - The financial industry in the GBA has rapidly developed, with financial value-added exceeding 1.5 trillion RMB, accounting for 11.9% of GDP, higher than the national average of 7.9%[23] - The GBA's financial market includes major exchanges like the Hong Kong Stock Exchange and Shenzhen Stock Exchange, with a total market capitalization ranking second among the world's four major bay areas[27] Policy Support and Integration - The GBA has seen extensive policy support since the release of the "GBA Development Plan" in 2019, which emphasizes financial integration and cooperation among the three regions[17] - Key initiatives include the establishment of the "Cross-Border Wealth Management Connect" and "Bond Connect," enhancing financial connectivity and cross-border investment opportunities[46][48] Green Finance Initiatives - The GBA is actively promoting green finance, with the establishment of the GBA Green Finance Alliance in 2020 to enhance regional cooperation in sustainable finance[55] - In 2023, Guangdong issued green bonds in Macau, exemplifying cross-regional collaboration in green finance projects[56] Internationalization of the Renminbi - Hong Kong plays a crucial role as a hub for offshore Renminbi transactions, with Renminbi deposits in Hong Kong reaching 835.7 billion RMB by the end of 2022, the highest among offshore markets[39] - The GBA's financial framework supports the internationalization of the Renminbi, with various policies facilitating its use in cross-border transactions[42]