地方政府与城投企业债务风险研究报告：扬州

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Yangzhou has obvious location advantages, convenient transportation, and rich tourism resources. Its economic aggregate and per - capita GDP are at the middle level in Jiangsu Province, with a continuous net inflow of population and a good urbanization level. The industrial development plan is clear, and relevant regional coordinated development policies will boost future development. In 2024, its general public budget revenue was of good quality, but the fiscal self - sufficiency ability was average. The overall debt burden was at the middle level among prefecture - level cities in Jiangsu [4][5]. - The overall economic development level of Yangzhou's districts (counties, cities) is relatively high, with a differentiated and characteristic industrial pattern. Most districts (counties, cities) saw an increase in fiscal strength in 2024, but the government - funded revenue was under pressure due to real - estate market regulation. The government debt balance of each district (county, city) increased at the end of 2024, and the overall debt burden was at a low level. The government at all levels strengthened debt monitoring and management [4]. - There are many debt - issuing urban investment enterprises in Yangzhou, mainly at the district - county level, with AA and AA + as the main credit ratings. In 2024, the net bond financing of these enterprises turned negative, and the bond issuance scale decreased year - on - year. Except for Baoying County, the debt burden of urban investment enterprises in other regions was relatively heavy, and some areas faced short - term debt repayment pressure [4]. 3. Summary by Relevant Catalogs 3.1 Yangzhou's Economic and Fiscal Strength - Location and Resources: Yangzhou is located in central Jiangsu, with obvious location advantages and convenient transportation. It is rich in tourism resources, with a large number of A - level scenic spots in the province. It has built a modern transportation network integrating railways, highways, waterways, and aviation [5]. - Population and Urbanization: At the end of 2024, Yangzhou's permanent population was 4.5868 million, with a net inflow and a permanent - population urbanization rate of 73.5%, close to the provincial average [8]. - Economic Aggregate and Per - capita GDP: In 2024, Yangzhou's GDP was 780.964 billion yuan, ranking 7th in Jiangsu, with a growth rate of 6.0%, higher than the provincial average. The per - capita GDP was 170,300 yuan, ranking 6th in the province. From January to September 2025, the GDP was 592.515 billion yuan, with a year - on - year growth of 5.5% [9]. - Industrial Development: High - end equipment is a traditional advantageous industry, and the aviation industry is a key strategic emerging industry. The "613" industrial system has been established. From 2022 - 2024, fixed - asset investment continued to grow, but the growth rate declined in 2024 due to the decrease in real - estate development investment [10][11]. - Regional Policy Support: Since 2014, a series of policies have been introduced to promote Yangzhou's integration into regional development, including the construction of infrastructure and the upgrading of leading industries [15]. - Fiscal Strength and Debt: In 2024, Yangzhou's general public budget revenue increased, with a high proportion of tax revenue, but the fiscal self - sufficiency ability was average. The overall debt burden was at the middle level among prefecture - level cities in Jiangsu [18][21]. 3.2 Economic and Fiscal Conditions of Yangzhou's Districts (Counties, Cities) - Economic Strength - Regional Planning: Yangzhou is planned according to the "One Area, Two Centers, One Belt, One Axis" urban spatial structure, promoting coordinated development among different regions [25]. - Industrial Layout: The six major leading industrial clusters' output value increased by 4.8% in 2024, driving industrial economic growth. Each district and county has formed a differentiated development pattern based on its own advantages [28]. - Economic Development: Hanjiang and Jiangdu Districts have relatively strong overall economic strength, and Yizheng City has the highest per - capita GDP [24]. - Fiscal Strength and Debt - Fiscal Revenue: In 2024, most districts (counties, cities) saw an increase in fiscal strength, with a high proportion of tax revenue. The government - funded revenue was under pressure, and the comprehensive financial resources varied in scale and structure [34]. - Debt Situation: At the end of 2024, the government debt balance of each district (county, city) increased, with a relatively low overall debt - to - GDP ratio. The debt - to - revenue ratio varied, but was still lower than the provincial level. The city and districts (counties, cities) have strengthened debt management [41]. 3.3 Debt - Repayment Ability of Yangzhou's Urban Investment Enterprises - Enterprise Overview: There are many debt - issuing urban investment enterprises in Yangzhou, mainly at the district - county level, with AA and AA + as the main credit ratings. Since 2024, only one enterprise has had a credit - rating upgrade [49]. - Bond Issuance: In 2024, the bond issuance scale of debt - issuing urban investment enterprises decreased year - on - year, and the net bond financing turned negative. Except for the city - level enterprises, the net bond financing of each district (county, city) was negative [51]. - Debt - Repayment Ability Analysis - Debt Scale: At the end of 2024, the total debt of debt - issuing urban investment enterprises increased, with Hanjiang, Yizheng, the city - level, and Guangling Districts having a relatively high proportion. Except for Yizheng, the debt scale of other regions increased [56]. - Debt Burden: Baoying County has a relatively light debt burden, while the city - level and other districts (counties) have a relatively heavy debt burden [56]. - Bond Maturity Pressure: In the next year, the immediate repayment pressure of debt - issuing urban investment enterprises in Hanjiang and Yizheng Districts is relatively large [60]. - Short - Term Debt Repayment: At the end of 2024, the coverage ratio of monetary funds to short - term debt was less than 0.50 times, indicating short - term debt - repayment pressure [63]. - Refinancing: In 2024, the net cash flow from financing activities of most debt - issuing urban investment enterprises was positive, but the overall scale decreased, and the financing rhythm slowed down [64]. - Fiscal Support: The ratio of "total debt of debt - issuing urban investment enterprises + local government debt" to "comprehensive financial resources" varies significantly among districts, with Hanjiang District having the highest ratio [66].