地方政府与城投企业债务风险研究报告：天津篇

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Tianjin has significant location advantages, a well - developed transportation network, and relatively strong comprehensive economic strength. In 2024, its per - capita GDP was in the upper level nationwide, and the urbanization rate was high. The government has promoted industrial innovation and optimized the industrial structure, showing a "tertiary - secondary - primary" economic development pattern. Although the general public budget revenue scale is in the middle - lower level nationwide, the revenue quality is good, the fiscal self - sufficiency rate is acceptable, and the overall debt risk is controllable [4]. - There are large differences in economic development among districts in Tianjin. Binhai New Area leads in economic aggregate. The fiscal strength of each district is also highly differentiated, with Binhai New Area being the strongest. By the end of 2024, local government debts were mainly concentrated in the municipal - level and Binhai New Area, and the debt scale of each district increased [4]. - With the support of national policies, Tianjin has taken multiple measures to resolve debts, effectively controlling the debt growth rate of urban investment enterprises, improving the debt term structure and financing channels, narrowing the issuance spread of urban investment bonds, and reducing the interest rate of interest - bearing implicit debts. The number of negative public opinions in the region has decreased [4]. - High - credit - rated bond - issuing urban investment enterprises in Tianjin are concentrated in the municipal - level and Binhai New Area. There are large differences in the scale of urban investment debts among districts. In 2025 from January to September, the net financing of bond - issuing urban investment enterprises in Tianjin was positive. In 2024, the municipal - level and Xiqing District had relatively good support and guarantee capabilities for "total debts of bond - issuing urban investment enterprises + local government debts" [4]. 3. Summary by Relevant Catalogs 3.1 Tianjin's Economic and Fiscal Strength 3.1.1 Regional Characteristics and Economic Development - Tianjin is one of the four municipalities directly under the Central Government in China, with a superior geographical location, rich resources, and a well - developed land, sea, and air comprehensive transportation network. In 2024, the fixed - asset investment in comprehensive transportation was about 1.75 billion yuan [5][6]. - In 2024, Tianjin's GDP was 1.802432 trillion yuan, ranking 24th nationwide, with a growth rate of 5.1%. The per - capita GDP was 132,100 yuan, ranking 6th nationwide. The urbanization rate was 86.01%, much higher than the national average [9]. - The industrial structure has been optimized, showing a "tertiary - secondary - primary" pattern. In 2024, the added value of the tertiary industry was 1.152577 trillion yuan, a year - on - year increase of 5.5%, which was the main driving force for economic growth. The added value of high - tech manufacturing increased by 8.9% [12]. - Multiple policies support regional development, such as the "Tianjin Territorial Spatial Master Plan (2021 - 2035)" and a series of policies in 2024 to promote economic development [13]. 3.1.2 Fiscal Strength and Government Debt - In 2024, Tianjin's general public budget revenue scale was in the middle - lower level nationwide, with good revenue quality, an acceptable fiscal self - sufficiency rate, and an increase in government - funded revenue. The government debt burden was heavy, but the overall debt risk was controllable [19]. - In 2024, the local government debt ratio and debt - to - GDP ratio were 344.03% and 74.36% respectively, ranking 31st and 29th among provincial - level administrative regions [20]. 3.2 Economic, Fiscal, and Debt Management in Tianjin's Districts 3.2.1 Economic Strength of Districts - There are large differences in economic development among districts in Tianjin. Binhai New Area leads in economic aggregate, with a "1 + 3+4" industrial layout. The core six districts have a high proportion of high - tech industries, the four suburban districts benefit from industrial transfer, and the far - flung districts have different development levels [23][25]. - In 2024, most districts in Tianjin achieved varying degrees of economic growth. The GDP growth rate of Hongqiao District was the highest at 6.6% [29]. 3.2.2 Fiscal Strength of Districts - The fiscal strength of each district in Tianjin is highly differentiated, with Binhai New Area being the strongest. In 2024, Binhai New Area's general public budget revenue was 5.9649 billion yuan, leading among all districts [31]. - The growth rate of general public budget revenue varies among districts. In 2024, except for Hongqiao and Jizhou Districts, other districts achieved positive growth. The tax revenue proportion in general public budget revenue also varies, and the overall revenue quality is acceptable [32]. - The fiscal self - sufficiency rate of each district in 2024 was between 20.74% and 75.50%, with large differences. Hexi District had the highest fiscal self - sufficiency rate at 75.50% [33]. - The scale of government - funded revenue varies greatly among districts. In 2024, Binhai New Area ranked first with 1.3447 billion yuan. Except for some districts, other districts' government - funded revenue increased [38]. 3.2.3 Debt Management Measures and Results - By the end of 2024, local government debts in Tianjin were mainly concentrated in the municipal - level and Binhai New Area, and the debt scale of each district increased. Binhai New Area had the fastest growth rate of government debt balance [44][45]. - With the support of national policies, Tianjin has taken measures such as improving debt management systems, strengthening cooperation with financial institutions, debt replacement, and revitalizing stock assets to resolve debts [46]. - Through these measures, the debt growth rate of urban investment enterprises in Tianjin has been effectively controlled, the debt term structure and financing channels have been improved, the issuance spread of urban investment bonds has narrowed, the interest rate of interest - bearing implicit debts has decreased, some financing platforms have been cleaned up and merged, and negative public opinions in the region have decreased [50]. 3.3 Debt - Repayment Ability of Tianjin's Urban Investment Enterprises 3.3.1 Overview of Urban Investment Enterprises - As of the end of September 2025, there were 31 urban investment enterprises with outstanding bonds in Tianjin, including 4 at the municipal - level and 27 at the district - level. Binhai New Area had the largest number of bond - issuing urban investment enterprises [59]. - The credit ratings of bond - issuing urban investment enterprises are mainly AA +, and 2 enterprises' credit ratings were upgraded in 2024 [59][60]. 3.3.2 Bond - Issuing Situation - In 2024, the bond - issuing scale of Tianjin's urban investment enterprises decreased significantly year - on - year, and the net financing was in a net outflow state. In 2025 from January to September, the net financing turned positive [61][63]. 3.3.3 Debt - Repayment Ability Analysis - As of the end of 2024, the coverage of monetary funds for short - term debts of Tianjin's urban investment enterprises was weak, and most enterprises faced large short - term debt - repayment pressure. The debt scale of municipal - level and Binhai New Area's urban investment enterprises accounted for a high proportion, and there was a large concentrated repayment pressure in 2026 [65]. - In 2024, the cash flow from financing activities of Tianjin's urban investment enterprises was in a net inflow state [65]. 3.3.4 Support and Guarantee Ability of District - Level Fiscal Revenue for Urban Investment Enterprises' Debts - The ratio of "total debts of bond - issuing urban investment enterprises + local government debts" to "comprehensive fiscal revenue" in Tianjin's municipal - level and districts was between 300.00% and 1100.00%. Dongli District had the highest ratio at 1055.05%. The municipal - level and Xiqing District had relatively good support and guarantee capabilities [76].