地方政府与城投企业债务风险研究报告：北京篇

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Beijing's economic and fiscal strength is solid, with continuous GDP growth, high - quality fiscal revenue, and a relatively light government debt burden. The city focuses on high - end and digital economy development [4][5]. - There are significant differences in economic and fiscal strength among districts in Beijing. Districts like Haidian, Chaoyang, and Xicheng are leading, while ecological conservation and development districts rely more on superior subsidies [4][17]. - Beijing's bond - issuing urban investment enterprises are mainly of high - level, with a reasonable debt - term structure and strong regional refinancing ability [4][34]. Summary According to the Table of Contents I. Beijing's Economic and Fiscal Strength 1. Beijing's Regional Characteristics and Economic Development - Beijing is the national political, cultural, international exchange, and scientific and technological innovation center, with a large population, rich scientific research, and cultural resources. Its GDP ranks in the upper - middle level nationwide, and per - capita GDP ranks first [5]. - The tertiary industry is the main driving force for economic growth, especially the financial and information technology industries. High - end and digital economy are the key development directions [5][9]. - Beijing has a good transportation network, a large number of scientific research institutions, and high - tech enterprises. It ranks third globally in the international scientific and technological innovation center and first globally in scientific research cities in 2024 [6][8]. 2. Beijing's Fiscal Strength and Government Debt - From 2022 - 2024, Beijing's general public budget revenue increased continuously, with high - quality fiscal revenue and strong fiscal self - sufficiency. Government - funded revenue decreased slightly [13]. - The government debt burden is relatively light, and there is still some financing space within the debt limit. The debt ratio increased continuously from 2022 - 2024, and the debt - to - GDP ratio fluctuated slightly [14]. II. Economic and Fiscal Strength of Districts in Beijing 1. Economic Strength and Industrial Characteristics of Districts in Beijing - There are significant differences in economic strength among districts in Beijing. In 2024, the GDP of all districts increased. Haidian, Chaoyang, and Xicheng are in the leading position, while ecological conservation and development districts are relatively backward [17][24]. - Different functional areas have different development orientations and leading industries. For example, the capital function core area focuses on finance and services, and the ecological conservation and development area focuses on ecological protection [18][22]. 2. Fiscal Strength and Debt Situation of Districts in Beijing - In 2024, Chaoyang, Haidian, and Xicheng had the top three general public budget revenues. Except for Dongcheng, Fangshan, and Huairou, other districts' general public budget revenues increased [27]. - Dongcheng and Xicheng have relatively low government - funded revenues. The ecological conservation and development area relies more on superior subsidies [27]. - By the end of 2024, except for Fengtai and Xicheng, the government debt balance of other districts increased. Fengtai's debt ratio decreased significantly, while Yanqing's debt burden increased significantly [31]. III. Debt - Repayment Ability of Beijing's Urban Investment Enterprises 1. Overview of Beijing's Urban Investment Enterprises - As of the end of September 2025, there are 31 bond - issuing urban investment enterprises in Beijing, mainly of high - level [34]. 2. Bond - Issuing Situation of Urban Investment Enterprises - In 2024, the issuance scale of Beijing's urban investment bonds increased slightly. The city - level, Xicheng, Changping, and Daxing had relatively large issuance scales. Bond financing was net inflow in 2024 and from January - September 2025 [37]. 3. Analysis of Debt - Repayment Ability of Beijing's Urban Investment Enterprises - The debt - term structure of Beijing's bond - issuing urban investment enterprises is reasonable, with low short - term debt - repayment pressure. Most enterprises had net financing inflows in 2024, and the regional refinancing ability is strong [40]. - By the end of June 2025, the total debt of Beijing's bond - issuing urban investment enterprises decreased compared with the end of 2024. The debt burden of most regions is within a reasonable range [40]. 4. Support and Guarantee Ability of District - Level Fiscal Revenues in Beijing for the Debt of Bond - Issuing Urban Investment Enterprises - The proportion of the total debt of Beijing's existing urban investment enterprises in (total debt of bond - issuing urban investment enterprises + local government debt) is 51.76%. In Huairou, Daxing, Yanqing, Tongzhou, and Fangshan, "(total debt of bond - issuing urban investment enterprises + local government debt)/comprehensive fiscal revenue" exceeds 300% [50].