地方政府与城投企业债务风险研究报告：成都篇

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Chengdu is a key city in the national regional development strategy, with significant economic scale and fiscal strength. In 2024, its economy steadily improved, and the general public budget revenue slightly increased, but the comprehensive fiscal resources declined due to the decrease in government - funded revenue. With favorable national policies, it aims to build into an influential regional economic and technological innovation center [4]. - Chengdu conducts industrial spatial layout around the principle of "Eastward Expansion, Southward Extension, Westward Control, Northward Reconstruction, and Central Optimization". The economic and fiscal strength shows a decreasing trend from the inner - circle to the outer - circle areas. The government debt level in the main urban area is much lower than that in other districts and counties, and the city is strengthening the resolution of existing debts [4]. - Affected by the implementation of a package of debt - resolution policies, the bond issuance scale in Chengdu decreased significantly in 2025, with net outflows in bond financing. The financing structure of bond - issuing城投 enterprises is mainly bank loans and bond financing. The short - term debt repayment pressure in the near - suburban and far - suburban areas is relatively large [4]. 3. Summary According to Relevant Catalogs 3.1 Chengdu's Economic and Fiscal Strength 3.1.1 Regional Characteristics and Economic Development - Chengdu is a provincial capital, sub - provincial city, and national central city, playing a prominent role in the national regional development strategy. It has obvious locational advantages, with developed aviation transportation and rich water, mineral, and tourism resources. The population shows a continuous net inflow, and the urbanization rate has room for further improvement. In 2024, its GDP exceeded 2.30 trillion yuan, ranking third among sub - provincial cities, with a growth rate of 5.7%. The tertiary industry contributes significantly to the economy, and the city is focusing on cultivating industrial clusters such as electronic information, equipment manufacturing, and aerospace [5][7][8]. - In the future, under the guidance of national policies, Chengdu will build a new urban development pattern of "One Mountain Connecting Two Wings" and adhere to the "One - Game - of - Chess" concept of Sichuan and Chongqing to enhance its international competitiveness and regional radiation ability [11]. 3.1.2 Fiscal Strength and Debt Situation - Chengdu's fiscal strength ranks high among national sub - provincial cities, with strong stability of general public budget revenue and fiscal self - sufficiency. In 2024, the comprehensive fiscal resources declined due to the decrease in government - funded revenue. The government debt level ranked in the upper - middle position among sub - provincial cities in 2024. With large - scale future project investments, the government debt ratio may continue to rise [12][13]. 3.2 Economic and Fiscal Conditions of Each District and County in Chengdu 3.2.1 Economic Strength of Each District and County - Chengdu conducts industrial spatial layout according to the principle of "Eastward Expansion, Southward Extension, Westward Control, Northward Reconstruction, and Central Optimization" to achieve industrial differentiation and clustering. The economic scale of Chengdu High - tech Zone is far ahead, and the economic scale and urbanization rate of other districts and counties decrease layer by layer from the inner - circle to the outer - circle areas. The main urban area has obvious advantages in per - capita GDP and urbanization rate, and the far - suburban areas are relatively weak [16][22]. 3.2.2 Fiscal Strength and Debt Situation of Each District and County - Fiscal Revenue: The fiscal strength of Chengdu High - tech Zone is the strongest, and the fiscal strength of other districts and counties decreases from the main urban area to the outside. The general public budget revenue of Chengdu High - tech Zone, Chengdu Tianfu New Area, and the main urban area is relatively stable, while the comprehensive fiscal resources of the far - suburban areas rely more on superior subsidies. In 2024, the comprehensive fiscal resources of most far - suburban areas increased due to the growth of superior subsidies, while those of other areas declined to varying degrees due to the decrease in government - funded revenue [25][29]. - Debt Situation: The government debt level in the main urban area is much lower than that in other districts and counties. The government debt distribution is related to the industrial layout and development principle. In 2024, the government debt scale of each district and county generally increased. The main urban area had a significant increase in government debt mainly due to the large - scale issuance of refinancing special bonds. The city is strengthening debt management and promoting debt resolution and replacement [32][34]. 3.3 Debt - Repayment Ability of Chengdu's城投 Enterprises 3.3.1 Overview of Chengdu's城投 Enterprises - As of the end of October 2025, there were 106城投 enterprises with outstanding bonds in Chengdu, a decrease of 5 compared with the previous year. Among them, there are 9 municipal - level, 3 park - level, and 94 district - and - county - level城投 enterprises. In terms of grade distribution, there are 10 AAA - rated, 34 AA + - rated, and 57 AA - rated enterprises. Jin tang County has the most bond - issuing城投 enterprises [36]. 3.3.2 Bond Issuance of城投 Enterprises - In 2024, the number and scale of bonds issued by Chengdu's城投 enterprises decreased compared with the previous year. In 2025, from January to October, the bond issuance scale continued to decline, with a year - on - year decrease of about 28%. Most of the bond financing is used for debt rollover, and the overall bond financing shows a net outflow [39][40]. 3.3.3 Debt - Repayment Ability Analysis of Chengdu's城投 Enterprises - The financing structure of Chengdu's城投 enterprises is mainly bank loans and bond financing. Some district - and - county - level城投 enterprises have heavy debt burdens. In the next two years, the bond maturity scale of some districts and counties is relatively large, and the short - term debt - repayment ability of some areas is weak. The refinancing ability of the main urban area and near - suburban areas is significantly stronger than that of the far - suburban areas [45][49][51]. 3.3.4 Support and Guarantee Ability of Fiscal Revenue of Each District and County in Chengdu for the Debt of Bond - Issuing城投 Enterprises - Overall, the debt scale of Chengdu's城投 enterprises is large, and the ratio of "total debt of bond - issuing城投 enterprises + local government debt" to comprehensive fiscal resources in most districts and counties exceeds 500% [53].