地方政府与城投企业债务风险研究报告：福建篇

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the given content. 2. Core Viewpoints of the Report - Fujian Province has obvious location and resource endowment advantages, with a relatively high economic aggregate and per - capita GDP. However, the local government debt ratio is relatively high, and the debt risk needs to be continuously managed and reduced. The economic strength of prefecture - level cities in Fujian is significantly differentiated, and the financial revenue and debt situations of different cities also vary. The debt scale of bond - issuing urban investment enterprises in Fujian shows an upward trend with a slow - down in growth rate, and there are differences in debt burden and financing structure among different cities [4][5]. 3. Summary According to Relevant Catalogs 3.1 Fujian's Economic and Fiscal Strength 3.1.1 Economic Development - Fujian has obvious location and resource endowment advantages, with good transportation accessibility. The forest and marine resources are rich, and the "14th Five - Year Plan" has a large - scale investment in transportation. The population is in net inflow, and the urbanization level is relatively high. In 2024, the GDP ranked 8th in the country, and the per - capita GDP ranked 4th. The industrial structure is continuously optimized, with the secondary and tertiary industries as the main pillars. The construction of Fuzhou Metropolitan Area and Xiamen - Zhangzhou - Quanzhou Metropolitan Area is advancing, and a series of policies are issued to promote economic development [6][9][11]. 3.1.2 Fiscal Strength and Debt Situation - The general public budget revenue of Fujian is at the upper - middle level in the country, with a slight increase in 2024. The fiscal revenue quality is acceptable, and the fiscal self - sufficiency rate is average. The government - funded revenue has been declining due to the real estate market downturn. The comprehensive fiscal strength is in the middle of the country, and the local government debt ratio is relatively high. The province has taken measures to manage and reduce debt risks [15][24][28]. 3.2 Economic and Fiscal Strength of Prefecture - level Cities in Fujian 3.2.1 Economic Development of Prefecture - level Cities - The economic development of prefecture - level cities in Fujian shows a gradient feature. The coastal urban agglomeration has stronger economic strength, with Fuzhou, Xiamen, and Quanzhou having better industrial bases. The per - capita GDP of most cities is higher than the national average, and the population is concentrated in the coastal areas. Xiamen has the highest urbanization rate [29][34][35]. 3.2.2 Fiscal Revenue and Debt of Prefecture - level Cities - The general public budget revenue of prefecture - level cities is significantly differentiated. Xiamen, Fuzhou, and Quanzhou have larger scales. The proportion of tax revenue in the general public budget revenue and the fiscal self - sufficiency rate have generally declined, except for Xiamen and Ningde. The government - funded revenue scale and growth rate vary greatly among cities. The debt balance of local governments in all prefecture - level cities has been increasing, and the debt ratio has risen, with Putian having a relatively high debt ratio. Each city has taken measures to manage and reduce debt risks [36][43][46]. 3.3 Solvency of Urban Investment Enterprises in Fujian 3.3.1 Overview of Urban Investment Enterprises - Bond - issuing urban investment enterprises are more concentrated in Fuzhou, Quanzhou, Xiamen, and Zhangzhou. The credit ratings of urban investment enterprises are mainly AA, and AAA - rated enterprises are mainly in Xiamen and Fuzhou [52]. 3.3.2 Bond - issuing Situation of Urban Investment Enterprises - From January to September 2025, the bond - issuing scale of urban investment enterprises in Fuzhou, Quanzhou, Ningde, Putian, and Nanping increased year - on - year. The net financing performance varies among cities, with only Fuzhou and Nanping showing net inflows [53][55]. 3.3.3 Solvency Analysis of Urban Investment Enterprises - From 2022 to 2024, the total debt scale of bond - issuing urban investment enterprises in Fujian showed an upward trend with a slow - down in growth rate. Zhangzhou and Ningde have relatively heavy debt burdens. Bank loans and bond financing are the main financing methods. The short - term solvency indicators of most cities have weakened, and attention should be paid to the refinancing situation in Xiamen and Sanming [57][58][64]. 3.3.4 Support and Guarantee Ability of Fiscal Revenue of Prefecture - level Cities for the Debt of Bond - issuing Urban Investment Enterprises - Among the prefecture - level cities in Fujian, the ratio of (total debt of bond - issuing urban investment enterprises + local government debt) / comprehensive fiscal strength is the highest in Quanzhou, and relatively low in Ningde, Longyan, Fuzhou, and Xiamen [68].