地方政府及城投公司资产盘活案例研究：以福建省为例

Group 1: Background and Motivation - Local government debt risks have intensified due to increasing fiscal imbalances, prompting the need to activate state-owned assets[4] - As of the end of 2024, China's state-owned assets total approximately 957.8 trillion yuan, highlighting the potential for asset activation to stabilize economic growth[6] - The central and local governments have emphasized the importance of activating existing assets to alleviate debt risks and enhance fiscal revenues[6] Group 2: Impact on Regional Development - In 2024, Chongqing activated assets worth 485.5 billion yuan, recovering 261 billion yuan, demonstrating the effectiveness of asset activation in generating cash flow[7] - Non-tax revenue in China is projected to grow by 25.4% in 2024, largely due to the activation of state-owned resources, contributing to 20.36% of the general public budget revenue[9] - The activation of idle assets can significantly enhance resource allocation efficiency, allowing for better utilization of land and infrastructure[14] Group 3: Effects on Urban Investment Companies - Urban investment companies can alleviate short-term debt pressures by selling non-core and idle assets, thereby optimizing their balance sheets[16] - The issuance of public REITs or asset-backed securities allows urban investment companies to broaden financing channels and reduce reliance on traditional financing methods[16] - Asset activation fosters the development of market-oriented operational capabilities, enabling urban investment companies to transition from financing to urban operation roles[17] Group 4: Case Studies in Fujian Province - Fujian Province employs restructuring and financing activation methods tailored to local fiscal conditions and resource endowments, exemplifying a "localized" approach[5] - Coastal cities like Fuzhou and Xiamen focus on upgrading low-efficiency industrial land through innovative financial instruments like REITs, enhancing land utilization[19] - Resource-rich mountainous cities like Longyan utilize resource certification methods to convert idle rural assets into tradable capital, balancing social and economic benefits[28]