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）

Economic Overview - In 2023, Shaanxi Province achieved a GDP of CNY 3.38 trillion, ranking 14th among all provinces in China[1] - The economic growth rate for Shaanxi in 2023 was 4.3%, lower than the national average by 0.9 percentage points[1] - The province's GDP for the first half of 2024 was CNY 1.63 trillion, with a year-on-year growth of 4.3%[1] Regional Economic Disparities - The Guanzhong region, led by Xi'an, contributes approximately one-third of the province's GDP, with Xi'an's GDP at CNY 1.20 trillion[2] - The northern region (Shanbei) accounted for 27.7% of the province's GDP, primarily driven by resource extraction in cities like Yulin and Yan'an[2] - Economic growth rates in 2023 varied, with Xi'an and Yulin at 5.2% and 4.4%, while other cities ranged from 1.7% to 4.3%[2] Fiscal Strength - Shaanxi's general public budget revenue in 2023 was CNY 3437.60 billion, ranking 14th nationally, with a year-on-year increase of 3.8%[3] - The province's budget self-sufficiency rate was 47.9%, indicating a high reliance on transfers from higher levels of government, which contributed CNY 3383.12 billion[3] - Government fund revenue decreased by 9.3% in 2023, totaling CNY 1785.54 billion[3] Debt Situation - Shaanxi's local government debt remains at a moderate level nationally, with significant reliance on bond issuance[4] - By the end of 2023, approximately 37% of the province's local government debt was concentrated in Xi'an[5] - The debt burden is particularly high in the southern region, with many cities showing a high debt-to-budget revenue ratio[5] Investment and Consumption Trends - Fixed asset investment in 2023 grew by only 0.3%, with a notable decline in real estate investment by 14.8%[21] - Total retail sales of consumer goods reached CNY 10,759.01 billion in 2023, growing by 3.4% year-on-year[23] - The first half of 2024 saw a 2.7% increase in fixed asset investment, with industrial investment growing by 14.2%[22]