地方政府与城投企业债务风险研究报告-扬州市

Investment Rating - The report does not explicitly state an investment rating for the industry or region analyzed [2] Core Insights - Yangzhou has significant geographical advantages and rich tourism resources, being one of China's first historical and cultural cities and known as the "World Capital of Canals" [4][5] - The economic scale of Yangzhou is at a mid-level within Jiangsu Province, with a continuous net inflow of population and a good level of urbanization [4][8] - In 2024, Yangzhou's general public budget revenue is expected to show good quality, although its fiscal self-sufficiency is average [18] - The overall debt burden of Yangzhou is at a mid-level among Jiangsu's prefecture-level cities, with a focus on monitoring and managing debt risks [21][41] - The number of bond-issuing urban investment enterprises in Yangzhou is relatively high, primarily at the county level, with most rated AA and AA+ [49] Economic and Fiscal Strength of Yangzhou - Yangzhou's GDP in 2024 is projected to reach 780.96 billion, with a growth rate of 6.0%, surpassing the provincial average [9][13] - The city has a clear industrial development plan, with significant projects driving investment growth, particularly in high-end equipment and the aviation industry [10][11] - Fixed asset investment in Yangzhou has been growing, although it has faced a decline due to decreased real estate development investment [14][11] Debt Situation - By the end of 2024, Yangzhou's local government debt balance is expected to continue growing, with a debt rate of 119.33%, ranking 7th among Jiangsu's cities [21][41] - The report highlights that Yangzhou's government and its districts are actively managing and monitoring debt to mitigate risks [41][45] Urban Investment Enterprises - Yangzhou has a considerable number of urban investment enterprises, with 37 active bond-issuing entities, primarily at the county level [49] - In 2024, the bond issuance scale for these enterprises is expected to decrease, with a net financing amount turning negative [51][52]