地方政府与城投企业债务风险研究报告：盐城市

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - Yancheng City, a core city in Jiangsu's coastal development, has significant location advantages, an improving transportation network, and steady economic growth. In 2024, its GDP reached 7779.2 billion yuan, ranking 7th in Jiangsu. The city is transforming its industrial structure, with the new - energy industry being a highlight, and it has received strong policy support [4][7][8]. - Yancheng's general public budget revenue is at a mid - level in Jiangsu, with room for improvement in revenue quality and medium - level fiscal self - sufficiency. The government debt burden is relatively heavy, but it is at a mid - level among Jiangsu's prefecture - level cities [4][12]. - The economic development of Yancheng's districts, counties, and cities is generally high but shows regional differences. Dongtai City has the strongest overall economic strength. In 2024, most areas had high tax revenue ratios, but government - funded revenue in many areas was under pressure. All local governments are strengthening debt management [4][20]. - Yancheng has many bond - issuing urban investment enterprises, mainly at AA and AA+ levels. Affected by debt - resolution policies, the net bond financing scale of most district - level urban investment enterprises has shrunk significantly. The debt scale of bond - issuing urban investment enterprises continues to grow, and they face short - term debt repayment pressure [4]. 3. Summary by Relevant Catalogs 3.1 Yancheng City's Economic and Fiscal Strength 3.1.1 Regional Characteristics and Economic Development - Location: Yancheng is located in the eastern coastal area of Jiangsu, with the longest coastline and rich tidal flat resources. It is an important node connecting the Yangtze River Delta urban agglomeration and northern Jiangsu [5]. - Transportation: It has built a three - dimensional transportation network. By the end of 2024, the total highway mileage was 26382.3 kilometers, and the railway passenger volume increased by 9.0% year - on - year. Yancheng Nanyang International Airport's passenger throughput increased by 4.6% [6]. - Urbanization: By the end of 2024, the permanent urban population was about 4.47 million, and the urbanization rate reached 67%, an increase of 0.7 percentage points [7]. - Economic Aggregate: In 2024, Yancheng's GDP was 7779.2 billion yuan, ranking 7th in Jiangsu, with a growth rate of 5.5%. In the first half of 2025, it was about 3720 billion yuan, with a year - on - year growth of 5.2% [7]. - Industrial Structure: The industrial structure is changing from "secondary - tertiary - primary" to "tertiary - secondary - primary". The new - energy industry is well - developed, with the installed new - energy power generation capacity reaching 16.7572 million kilowatts by the end of 2024. The automobile industry also has a certain scale, with a production value of 120 billion yuan in 2024 [8]. - Policy Support: Yancheng has received national and provincial policy support, such as transfer payment income of about 42.8 billion yuan in 2024, and has introduced a series of local policies [11]. 3.1.2 Fiscal Strength and Debt Situation - Fiscal Revenue: In 2024, Yancheng's general public budget revenue was at a mid - level in Jiangsu, with a tax revenue ratio of 67.6%. The government - funded revenue was affected by the real - estate market. The transfer payment income was about 42.8 billion yuan [12][13]. - Debt: The local government debt balance increased to 196.16 billion yuan in 2024, with a debt ratio of 118.5% and a debt - to - GDP ratio of 25.2%, ranking 5th and 12th respectively among Jiangsu's prefecture - level cities [13]. 3.2 Economic and Fiscal Conditions of Yancheng's Districts, Counties, and Cities 3.2.1 Economic Strength - Regional Planning: Yancheng has 3 districts, 5 counties, and 1 city, and it plans to build a "one - core, one - pole, three - belt" spatial structure [16]. - Industrial Layout: It has built a "5 + 2" strategic emerging industry system. Different areas have different pillar industries, such as new - energy in Dongtai and Dafeng [18][20]. - Economic Development: In 2024, Dongtai was the only county - level city with a GDP exceeding 100 billion yuan. Most areas had an economic growth rate of over 5.00%. Dongtai had the highest per - capita GDP, and Funing had the lowest [20][22]. - Urbanization Level: The overall urbanization level of Yancheng's districts, counties, and cities is high, all exceeding 60.00%, with Tinghu having the highest rate of 88.49% [22]. 3.2.2 Fiscal Revenue and Debt - Fiscal Revenue: In 2024, the fiscal revenue structure showed significant regional differences. Dongtai and Dafeng had the highest general public budget revenues. Most areas had a relatively high tax revenue ratio, but government - funded revenues in many areas declined [23][25][26]. - Debt: In 2024, the government debt balance of all districts, counties, and cities increased. Dongtai had the largest debt scale, and Jianhu had the heaviest debt burden. Governments at all levels are strengthening debt management [30]. 3.3 Debt Repayment Ability of Yancheng's Urban Investment Enterprises 3.3.1 Overview of Yancheng's Urban Investment Enterprises - As of September 30, 2025, there were 54 bond - issuing urban investment enterprises in Yancheng, mainly at AA and AA+ levels. Dafeng had the most bond - issuing urban investment enterprises [39][40]. 3.3.2 Bond - Issuing Situation - In 2024, the bond - issuing scale of Yancheng's urban investment enterprises decreased by 16.35% year - on - year, and most district - level urban investment enterprises' net bond financing scale shrank significantly. In 2025, the net bond financing turned negative [41][42]. 3.3.3 Debt Repayment Ability Analysis - By the end of 2024, the total debt balance of Yancheng's bond - issuing urban investment enterprises was 845.069 billion yuan, with a 3.24% increase. The debt was concentrated in the city - level and Dafeng. Most enterprises' debt - to - capitalization ratios decreased, but the cash - to - short - term - debt coverage ratio was generally low [45][46]. - In 2024, the net cash inflow from financing activities of urban investment enterprises decreased by 45.87% year - on - year, indicating a slowdown in financing [53]. 3.3.4 Support and Guarantee Ability of Fiscal Revenue for Debt - The ratio of "(total debt of bond - issuing urban investment enterprises + local government debt)/comprehensive fiscal revenue" in Yancheng's districts and counties ranged from 330.41% to 838.84%, with Dafeng having the highest ratio [56].