地方政府与城投企业债务风险研究报告：郑州市

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - Zhengzhou, as the capital city of Henan Province and a national central city, has obvious location advantages, high - level economic development, and a reasonable industrial structure. However, the government debt burden is heavy. The economic development of its districts, counties, and functional areas varies greatly, and the debt situation of different regions also shows differences. The debt burden of most of Zhengzhou's bond - issuing urban investment enterprises has increased, and the short - term debt - paying pressure is prominent [4]. - Multiple policies support the regional development of Zhengzhou, and the city has received strong support in fiscal transfer payments and special fund allocations. The government at all levels in Zhengzhou has strengthened the monitoring and management of debt to actively resolve hidden debts and control debt risks [4][12]. Group 3: Summary According to the Directory I. Zhengzhou's Economic and Fiscal Strength (1) Regional Characteristics and Economic Development of Zhengzhou - Zhengzhou has significant location advantages and convenient transportation. It is the center of the "Central Plains Economic Zone", with a "double - cross" railway network and is one of the highest - level international comprehensive transportation hubs. It also has a well - developed aviation and port system [5][7]. - Zhengzhou has a high level of urbanization. By the end of 2024, its permanent population was 13.086 million, ranking first in Henan Province, with an urbanization rate of 81%, 1 percentage point higher than the previous year and higher than the provincial average [6]. - In 2024, Zhengzhou's GDP was 1.45321 trillion yuan, ranking first in Henan Province, with a growth rate of 5.7%. The per - capita GDP was 111,100 yuan, also ranking first. From January to September 2025, its GDP was 1.118978 trillion yuan, with a year - on - year growth of 5.4% [8]. - Zhengzhou has a reasonable industrial structure, with six leading industrial clusters contributing over 90% to above - scale industries. The added value of above - scale industries and six leading industries has maintained a growth trend [9]. - Multiple policies support Zhengzhou's development. In 2024, Zhengzhou received 50.65 billion yuan in transfer payments and 6.95 billion yuan in ultra - long - term special treasury bond funds, and also obtained special fund support in various fields [12]. (2) Fiscal Strength and Debt Situation of Zhengzhou - In 2024, Zhengzhou's general public budget revenue ranked first in Henan Province, with acceptable quality and strong self - sufficiency. However, the government fund revenue decreased year - on - year, and superior subsidies contributed to the comprehensive financial resources [14]. - By the end of 2024, Zhengzhou's government debt burden was relatively high in Henan Province, with a debt ratio of 196.04% and a debt - to - GDP ratio of 27.10%, ranking 15th and 4th respectively among prefecture - level cities in the province [15]. II. Economic and Fiscal Conditions of Zhengzhou's Districts, Counties, and Functional Areas (1) Economic Strength of Zhengzhou's Districts, Counties, and Functional Areas - The overall economic development level of Zhengzhou's districts, counties, and functional areas is high, but there are significant regional differences. Jinshui District has the strongest economic strength, and Jinshui and Gongyi have the highest per - capita GDP [17]. - Zhengzhou has a clear industrial spatial layout. The electronic information industry is mainly concentrated in four functional areas, while other industries are distributed in different districts and counties according to their characteristics [21]. - In 2024, Jinshui District was the only area with a GDP exceeding 200 billion yuan. The four functional areas accounted for about 33% of Zhengzhou's GDP. The GDP growth rate of the Airport Economic Zone was as high as 13.0% [24]. (2) Fiscal Strength and Debt Situation of Zhengzhou's Districts, Counties, and Functional Areas - Fiscal Revenue: In 2024, Zhengdong New Area, Economic Development Zone, and Jinshui District had a general public budget revenue exceeding 10 billion yuan. The tax revenues of most regions decreased, and the fiscal revenue quality varied. The core urban areas had a high tax ratio, while the subordinate counties and cities were more dependent on non - tax revenues [26]. - Debt: By the end of 2024, the government debt of all regions in Zhengzhou increased. The Airport Economic Zone had the largest debt stock. Some regions had a high debt ratio, while the debt ratio of Zhongmou County decreased significantly. The governments at all levels have strengthened debt management and risk control [35]. III. Debt - paying Ability of Zhengzhou's Urban Investment Enterprises (1) General Situation of Zhengzhou's Urban Investment Enterprises - As of September 30, 2025, there were 27 bond - issuing urban investment enterprises in Zhengzhou, mainly at the municipal level and in Zhengdong New Area, with AA and AA+ as the main credit ratings. One enterprise was put on the credit rating watch list in 2024 [43]. (2) Bond - issuing Situation of Zhengzhou's Urban Investment Enterprises - In 2024, the bond - issuing scale of Zhengzhou's urban investment enterprises decreased slightly year - on - year, mainly concentrated in the Airport Economic Zone and the municipal level. Affected by debt - resolution policies, the net bond financing scale of most regions shrank significantly [46]. - In 2024, the net bond financing of Zhengzhou's urban investment enterprises was 5.119 billion yuan, and the net inflow state continued in the first three quarters of 2025 [48]. (3) Debt - paying Ability Analysis of Urban Investment Enterprises - By the end of 2024, the debt scale of Zhengzhou's bond - issuing urban investment enterprises continued to grow, mainly concentrated in the municipal level and the Airport Economic Zone. Most regions' debt burden increased [51]. - The short - term debt - paying pressure of Zhengzhou's urban investment enterprises is prominent. The coverage ratio of cash - like assets to short - term debt is generally low. The net cash inflow from financing activities decreased significantly year - on - year in 2024 [51]. (4) Support and Guarantee Ability of Fiscal Revenue for the Debt of Bond - issuing Urban Investment Enterprises - In 2024, except for the Airport Economic Zone, the ratio of "total debt of bond - issuing urban investment enterprises + local government debt" to comprehensive financial resources in Zhengzhou's municipal level and other regions was between 195.76% and 517.99%, with Gongyi having the highest ratio [62].