福建省及下辖各市经济财政实力与债务研究（2024）

Economic Strength Analysis - Fujian Province is strategically located between the Yangtze River Delta and the Pearl River Delta, benefiting from unique geographical and policy advantages, leading to rapid economic growth. In 2023, the GDP reached 5.44 trillion yuan, ranking eighth nationally with a year-on-year growth of 4.5% [1][9][13] - The province has a well-developed industrial base, with traditional leading industries such as machinery, electronics, and petrochemicals significantly supporting the economy. Emerging industries like new energy vehicles and IT services are also growing well [1][9][18] - The economic structure is gradually optimizing, with the three industrial sectors contributing 5.9% (primary), 44.1% (secondary), and 50.0% (tertiary) to the GDP in 2023 [1][18] Fiscal Strength Analysis - Fujian Province has strong fiscal capabilities, with general public budget revenue of 359.2 billion yuan in 2023, a year-on-year increase of 7.6%, ranking 12th nationally [2][34] - Tax revenue accounted for 234.2 billion yuan, growing by 11.9%, while government fund revenue decreased by 21.3% due to declining land sales [2][29][34] - The province's comprehensive fiscal strength was 773.68 billion yuan in 2023, showing a slight decline of 0.5% year-on-year, indicating pressure on local finances [29][31] Debt Situation Analysis - By the end of 2023, the local government debt in Fujian Province (excluding Xiamen) reached 1.169 trillion yuan, an increase of 15.34% from the previous year, ranking 15th nationally [6][8] - The debt-to-budget revenue ratio was 4.39 times, indicating manageable debt pressure given the province's strong economic foundation [6][8] - Debt levels in various cities show significant growth, with Xiamen, Fuzhou, and Quanzhou having the highest debt balances, but their fiscal strength allows for manageable debt pressure [6][8] Regional Economic Disparities - Economic development in Fujian Province shows significant regional disparities, with coastal cities like Fuzhou, Xiamen, and Quanzhou outperforming inland areas [2][44] - Fuzhou, as the capital, had a GDP of 1.29 trillion yuan in 2023, while Quanzhou and Xiamen followed closely with 1.22 trillion yuan and 806.6 billion yuan respectively [2][44] - The coastal region contributes 84% of the province's GDP, while the mountainous areas contribute only 16%, highlighting the economic divide [41][44] Industry Structure and Development - Fujian Province is recognized as a manufacturing powerhouse, with a focus on upgrading its industrial structure towards higher value-added sectors [18][22] - The service sector, particularly logistics, tourism, and finance, has become a significant driver of economic growth, with the tertiary industry contributing 27.17 trillion yuan in 2023, a growth of 5.2% [22][23] - The province is actively promoting new industries, including new energy vehicles and advanced manufacturing, to enhance its competitive edge [18][22]