湖北省及下辖各州市经济财政实力与债务研究（2024）

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]