地方政府与城投企业债务风险研究报告：内蒙古篇

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - In 2024, Inner Mongolia's economic aggregate was at a medium - lower level nationwide, but its per - capita GDP was higher than the national average, and the urbanization level was relatively high. The industrial structure showed a "three - two - one" pattern, with the secondary and tertiary industries driving economic growth, and the industrial transformation and upgrading momentum was good. The general public budget revenue was at a medium level, but the fiscal self - sufficiency rate was average, and the government debt burden was relatively heavy. Thanks to its strategic position and policy support, the regional economic strength is expected to further increase [4][5]. - There were significant differences in economic development and fiscal strength among prefecture - level cities (leagues) in Inner Mongolia, with uneven development. The coal resources were mainly distributed in Ordos in central Inner Mongolia and Xilingol League, Hulunbuir, and Tongliao in western Inner Mongolia. The overall economic and fiscal strength of central Inner Mongolia was significantly stronger than that of other regions. Except for Ordos, Ulanqab, and Xing'an League, the government debt - to - GDP ratios of the remaining prefecture - level cities (leagues) increased compared to the end of the previous year [4][24]. - Since 2024, Inner Mongolia has actively resolved debts through measures such as debt replacement, increased cooperation with financial institutions, and stable disposal of financial risks. The local government financing platforms decreased by 66.5%, some prefecture - level cities (leagues) had zero implicit debts, and high - risk financial institutions decreased by 80%, saving about 1.98 billion yuan in annual interest expenses. In July 2025, Inner Mongolia became the first province to exit the list of 12 key provinces. As the debt - resolution results emerged, negative public opinions in the region decreased, and the spread of urban investment bond issuance narrowed [4][19]. - As of the end of June 2025, there were 2 bond - issuing urban investment enterprises in Inner Mongolia, both being municipal platforms. In 2024 and January - June 2025, the net financing of these enterprises was in a net outflow state. As of the end of 2024, the total debt - to - capitalization ratio of Inner Mongolia's bond - issuing urban investment enterprises did not exceed 35.00%, but the debt - covering ability of Chifeng's bond - issuing urban investment enterprises was relatively low, with certain short - term debt - repayment pressure [4][44]. 3. Summary According to Relevant Catalogs 3.1 Inner Mongolia's Economic and Fiscal Strength 3.1.1 Regional Characteristics and Economic Development - Inner Mongolia is located in the northern border of China, with prominent geographical importance and obvious resource endowment advantages. In 2024, its raw coal output ranked first in the country again. The economic aggregate was at a medium - lower level nationwide, but the per - capita GDP was higher than the national average, and the urbanization level was relatively high. The industrial structure showed a "three - two - one" pattern, and the secondary and tertiary industries were the main driving forces for economic growth. The "Belt and Road" policy promoted the stable development of foreign trade, and the strategic positioning of "two barriers, two bases, and one bridgehead" and policy support were conducive to regional development [5][6][12]. 3.1.2 Fiscal Strength and Government Debt - In 2024, Inner Mongolia's general public budget revenue was at a medium level nationwide, with good revenue quality but average fiscal self - sufficiency rate. The government - funded revenue was relatively limited, and superior subsidies were an important support for local comprehensive financial resources. The local government debt burden was relatively heavy. The overall debt burden was at a medium - lower level nationwide [17][18]. 3.1.3 Debt Resolution - Since 2024, Inner Mongolia has actively resolved debts through debt replacement, cooperation with financial institutions, and prevention and resolution of financial risks. The local government financing platforms decreased by 66.5%, some prefecture - level cities (leagues) had zero implicit debts, high - risk financial institutions decreased by 80%, and about 1.98 billion yuan in annual interest expenses was saved. In July 2025, it exited the list of 12 key provinces. As the debt - resolution results emerged, negative public opinions decreased, and the spread of urban investment bond issuance narrowed [19][22]. 3.2 Economic, Fiscal, and Debt Situations of Prefecture - level Cities (Leagues) in Inner Mongolia 3.2.1 Economic Strength - There were significant differences in economic development among prefecture - level cities (leagues) in Inner Mongolia, with uneven development. Coal resources were mainly distributed in Ordos in central Inner Mongolia and Xilingol League, Hulunbuir, and Tongliao in western Inner Mongolia. The economic strength of Ordos, Hohhot, and Baotou in central Inner Mongolia was significantly stronger than that of other regions. In 2024, the GDP of all prefecture - level cities (leagues) increased [24][28][31]. 3.2.2 Fiscal Strength - The general public budget revenue and government - funded revenue of prefecture - level cities (leagues) in Inner Mongolia were significantly differentiated. The overall quality of general public budget revenue was good, but the tax revenue contribution of some prefecture - level cities (leagues) decreased. Ordos had a large general public budget revenue scale and strong fiscal self - sufficiency ability, while the fiscal self - sufficiency ability of other prefecture - level cities (leagues) was average. Ordos and Baotou's government - funded revenue increased for two consecutive years, contributing significantly to Inner Mongolia's government - funded revenue. Superior subsidies were an important supplement to local comprehensive financial resources [34][35][38]. 3.2.3 Debt Situation - At the end of 2024, the government debt balance of prefecture - level cities (leagues) in Inner Mongolia continued to grow. The government debt burdens of Baotou, Alxa League, Hohhot, and Ulanqab were relatively heavy. Except for Ordos, Ulanqab, and Xing'an League, the government debt - to - GDP ratios of the remaining prefecture - level cities (leagues) increased compared to the previous year [41][42]. 3.3 Solvency of Urban Investment Enterprises in Inner Mongolia 3.3.1 Overview of Urban Investment Enterprises - As of the end of June 2025, there were 2 bond - issuing urban investment enterprises in Inner Mongolia, both being municipal platforms. In 2024 and January - August 2025, the new bond financing of these enterprises was used to repay matured bonds and bank loans. In 2024 and January - June 2025, the net financing of Inner Mongolia's urban investment enterprises was in a net outflow state [44][45]. 3.3.2 Solvency Analysis - At the end of 2024, the debt burden of Ordos' urban investment enterprises increased, and the short - term solvency indicators declined, but the monetary funds could basically cover short - term debts. The debt burden of Chifeng's bond - issuing urban investment enterprises decreased, but the net cash outflow from financing activities increased, and the ability to cover short - term debts with monetary funds was low, with certain short - term debt - repayment pressure [46][48][49]. 3.3.3 Support and Guarantee Ability of Fiscal Revenue for Bond - issuing Urban Investment Enterprises' Debts - The ratios of the comprehensive financial resources of Inner Mongolia, Chifeng, and Ordos to "total debt of bond - issuing urban investment enterprises + local government debt" were all between 0.50 and 1.00 times [53].