“一揽子化债”背景下济宁市债务化解及城投转型进展

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report - Jining City has prominent resource endowments, continuously optimized industrial structure, and its economic development ranks in the upper - middle level in Shandong Province. However, there is an obvious differentiation in economic development among districts and counties. The fiscal self - sufficiency ability is average, with a high degree of dependence on land finance, and the debt risk of urban investment enterprises is worthy of attention. [7][8][11][14] - Since 2024, Jining has taken multiple measures to promote debt resolution, improved the government debt management mechanism, and achieved phased results in debt resolution, such as slowing down the growth rate of urban investment debt, optimizing the debt structure, and reducing the financing cost. [7][27][31] - The issuance of urban investment bonds in Jining tends to have a longer term, and the interest rates and spreads in the primary and secondary markets have decreased. However, the urban investment bond financing was a net outflow in 2024, and the pressure of existing bond repayment is relatively concentrated. [7][34][35] - The commercial paper overdue events in Jining were concentrated from 2022 to 2024 and have converged since 2025. The scale of urban investment lease financing has been continuously decreasing since 2023, and the existing lease financing is still concentrated in economically strong districts. [7][37][40] - The bonds of Jining's industrial investment companies are closely related to national strategies, with short approval time and fast issuance rhythm. However, all are private placements, most bond items are guaranteed, and the issuance costs of some district - level industrial investment companies are relatively high. [7][44][45] - There are many industrial investment enterprises in Jining's urban investment transformation, mainly at the district - county level, with diversified businesses and AA - AA+ as the main credit ratings. [7][49][54] 3. Summary According to Relevant Catalogs Regional Overview - Geographical and Population Information: Jining is a central city in the Huaihai Economic Zone, covering an area of 11,187 square kilometers, with a permanent population of 8.1873 million by the end of 2024. However, the population has shown a net outflow trend. [8] - Resource and Industry: It has four major resource advantages: minerals, water transportation, agriculture, and culture. The industrial pattern is "coal - power - chemical industry as the foundation, manufacturing as the support, and the service industry accelerating development". It is transforming from "resource - dependent" to "innovation - driven". [9] - Economic Development: In 2024, Jining's GDP ranked sixth in Shandong Province, with a growth rate slightly higher than the provincial average. The district - county economic development is uneven, showing a pattern of "strong core areas and weak peripheral areas". [11][13][14] - Fiscal Situation: The general public budget revenue in 2024 was 4.9626 billion yuan, ranking fifth in Shandong. The fiscal balance rate was 62.02%, and the comprehensive financial resources were 12.8422 billion yuan, with a high degree of dependence on government fund income. The fiscal development among districts and counties is unbalanced. [16][17][19] - Debt Risk: The legal debt risk of the Jining government is relatively controllable, but the interest - bearing debt of urban investment enterprises is prominent. The debt ratio after the superposition of the two exceeds 300%, and the debt is highly concentrated in economically strong districts. [21][22] Debt Resolution Progress - Measures: Jining promotes debt resolution through five measures: using bond tools precisely, implementing fiscal revenue expansion and expenditure reduction, promoting urban investment transformation, deepening government - finance - enterprise cooperation, and strengthening supervision. [27][28][29] - Results: Since 2024, the growth rate of urban investment debt has slowed down, the debt structure has been optimized, and the financing cost has decreased. However, the financing cost is still high, and the short - term debt repayment pressure remains. The issuance of urban investment bonds has become more long - term, and the interest rates and spreads in the primary and secondary markets have decreased. But the urban investment bond financing was a net outflow in 2024, with concentrated existing bond repayment pressure. The commercial paper overdue events have converged since 2025, and the scale of urban investment lease financing has been continuously decreasing. [7][31][34] Urban Investment Transformation - Bond Issuance of Industrial Investment Companies: As of November 2025, 8 bonds of industrial investment companies in Jining have been issued for the first time, with a total issuance scale of 3.22 billion yuan. The bond labels are closely related to national strategies, with short approval time and fast issuance rhythm. But all are private placements, most bond items are guaranteed, and some district - level companies have relatively high issuance costs. [44][45][48] - Industrial Investment Enterprises in Transformation: There are 8 industrial investment enterprises in Jining's urban investment transformation, mainly at the district - county level. The transformation models include setting up new platforms, newly established platforms, and new platforms under urban investment companies. The business is diversified, and the main credit ratings are AA - AA+. [49][53][54]