地方政府与城投企业债务风险研究报告：陕西篇

Group 1: Report Summary - The report focuses on the debt risks of local governments and urban investment enterprises in Shaanxi Province, covering the province's economic and fiscal strength, the economic and fiscal strength of its prefecture - level cities, and the solvency of urban investment enterprises [4] - Shaanxi Province has prominent location advantages, rich cultural and tourism resources, and obvious transportation and mineral resource advantages. In 2024, its economic aggregate and per - capita GDP were at the middle level in the country. The industrial structure is constantly optimized, and new productive forces are developing steadily [4] - The economic strength and general public budget revenue scale of Shaanxi's prefecture - level cities are significantly differentiated. The province has formulated a package of debt - resolution plans, and each city has achieved certain results in debt risk prevention and control [5] - From January to September 2025, the number and scale of bond issuances by Shaanxi's urban investment enterprises exceeded the full - year level of 2024, still mainly in Xi'an [6] Group 2: Shaanxi Province's Economic and Fiscal Strength Economic Development Status - Shaanxi is located in the inland hinterland of China, with obvious transportation location advantages, rich cultural and tourism and mineral resources. It has a large number of universities and research institutions, and a well - developed transportation network [7] - As of the end of 2024, Shaanxi's permanent population was 39.53 million, with a slight increase from the previous year. The urbanization rate reached 66.14%, slightly lower than the national average. In 2024, the GDP was 3.553877 trillion yuan, ranking 14th in the country, with a growth rate of 5.3% [10] - Shaanxi is an energy - rich province. The industrial structure has been continuously optimized, with the proportion of the tertiary industry significantly increasing. The new productive forces are developing steadily, and the province is gradually transforming from traditional energy dependence to green and high - tech manufacturing [12][15] - Shaanxi focuses on promoting the development of advanced manufacturing, forming a "one - area, six - base" energy development pattern. In 2024, it focused on strategic emerging industries such as new productive forces [17][19] - Shaanxi promotes coordinated development among Guanzhong, northern Shaanxi, and southern Shaanxi, implementing the "6 + 5+N" modern manufacturing system and the three - region development strategy [20] - Since 2024, Shaanxi has introduced various economic - promotion policies in areas such as opening up international markets, promoting free - trade zone strategies, and building industrial innovation clusters [22] Fiscal Strength and Debt Situation - In 2024, Shaanxi's general public budget revenue was 339.328 billion yuan, ranking 15th in the country. The tax revenue accounted for about 77%, with good tax quality. The fiscal self - sufficiency rate decreased to 46.50%, showing weak self - sufficiency [26] - Shaanxi's government - funded revenue continued to decline. In 2024, it was 167.16 billion yuan, a decrease of 6.4%. In the first half of 2025, it was 48.09 billion yuan, a decrease of 27.6% [27][29] - In 2024, Shaanxi's superior subsidy revenue increased to 349.736 billion yuan, ranking 17th in the country, accounting for 40.85% of the local comprehensive financial resources. The comprehensive financial resources ranked 15th in the country [30] - In 2024, Shaanxi's local government debt ratio and debt - to - GDP ratio were 146.87% and 35.39% respectively, ranking 8th and 11th among 31 provincial - level administrative regions, showing a slight increase from the previous year [34] Group 3: Economic and Fiscal Strength of Shaanxi's Prefecture - level Cities Economic Development Status of Prefecture - level Cities - The economic strength of Shaanxi's prefecture - level cities is significantly differentiated. Xi'an and Yulin have a significant driving effect on Shaanxi's economic growth. Xi'an has obvious industrial advantages, and Yulin's GDP ranks second in the province, with a much higher per - capita GDP than other cities [36] - Each prefecture - level city in Shaanxi develops relevant industries based on its own resource advantages. Xi'an has prominent industrial advantages and a significant agglomeration effect, while northern Shaanxi has obvious resource advantages [37] Fiscal Strength and Debt Situation of Prefecture - level Cities Fiscal Revenue - The general public budget revenue scale of Shaanxi's prefecture - level cities is significantly differentiated. Resource - based cities' local fiscal revenues are highly dependent on energy prices, and non - resource - based cities generally have low self - sufficiency rates. Xi'an and Yulin have much larger general public budget revenues than other cities [43][44] - In 2024, the general public budget revenues of Xianyang and Weinan declined significantly. Most prefecture - level cities' government - funded revenues decreased due to the weakening real - estate market. Superior subsidy revenues contribute significantly to the comprehensive financial resources of prefecture - level cities [44][45] Debt - The government debt balance, debt ratio, and debt - to - GDP ratio of Shaanxi's prefecture - level cities have been continuously increasing, with the debt mainly concentrated in Xi'an. The province has formulated a package of debt - resolution plans, and each city has achieved certain results in debt replacement and resolution [51] - Shaanxi and its prefecture - level cities have introduced various debt - resolution measures, including setting up regional stability - development funds, coordinating financial institutions for support, and striving for central government debt - resolution funds. They also actively participate in debt resolution by盘活存量 assets and expanding revenue sources [59] Group 4: Solvency of Shaanxi's Urban Investment Enterprises Overview of Urban Investment Enterprises - Shaanxi's urban investment enterprises are concentrated in Xi'an. The credit ratings of bond - issuing urban investment enterprises are mainly AA and AA+. Some urban investment enterprises have been put on the credit rating watch list due to factors such as debt overdue, high debt - repayment pressure, and operating losses [62] Bond Issuance of Urban Investment Enterprises - In the first three quarters of 2025, the number and scale of bond issuances by Shaanxi's urban investment enterprises exceeded the full - year level of 2024, still mainly in Xi'an. The bond issuance scale of AAA - rated urban investment enterprises accounted for a significantly increased proportion year - on - year [65]