威海市债务现状与化债进展

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - Weihai City is located in the easternmost part of the Shandong Peninsula, with unique geographical and excellent transportation locations. It has a population dividend due to a continuous net inflow of permanent residents. The local economy has developed steadily, but its economic aggregate ranks low in the province, and the industrial development among districts and counties varies significantly [6][7]. - The city's government debt ratio is among the highest in the province. When combined with the interest - bearing debt of urban investment enterprises, the local debt pressure becomes more prominent, and the debt levels of districts and counties are highly uneven [6][40]. - Since the introduction of the "package debt - resolution policy", Weihai has followed Shandong Province's general debt - resolution guidelines and taken multiple measures to address local debt risks. The current debt - resolution policies have achieved some results in reducing net financing, optimizing the channel structure, improving the debt term structure, and lowering financing costs. However, the stock debt scale remains high, the issuance cost and trading spread of urban investment bonds are still at medium - to - high levels in the province, and the debt pressure in some heavily indebted and weakly qualified areas persists [6][60]. - The growth rate of the stock debt of sample enterprises has significantly declined, non - standard financing has been reduced, and the financing cost has decreased. However, the debt scale is still increasing, the debt - repayment indicators have generally weakened, and the operating efficiency and cash - generating ability have not been substantially improved. In addition, the reform of state - owned enterprises in the region has been continuously deepened, the transformation process of financing platforms has accelerated under the background of debt resolution, and new financing for industrial investment entities has achieved a breakthrough, but the number of involved entities is small and the new financing scale is limited [6][79] 3. Summary According to Relevant Catalogs Regional Overview - Geographical and Transportation Location: Weihai is a prefecture - level city in Shandong, located at the easternmost end of the Shandong Peninsula. It has a well - developed transportation network, including an airport, a port, and a railway network. The population has been in a state of net inflow in recent years, and the urbanization rate is relatively high. It is rich in marine resources and has a good ecological environment [7][8][9] - Economic Development: The city's characteristic agriculture has become more "refined", and the marine fishery has strong industry strength. It has cultivated ten manufacturing iconic industrial chains and eight industrial clusters. The foreign - oriented economy and tourism have also developed well. In 2024, the GDP reached 372.862 billion yuan, ranking 11th in Shandong, with a growth rate of 5.8%. The tertiary - industry's contribution to the economy has further increased, and the marine GDP accounts for 38.2% of the GDP, ranking first among Shandong's coastal cities. However, the industrial development among districts and counties is unbalanced [15][22][25] - Fiscal Situation: Industrial development supports the steady growth of local fiscal revenue, and the fiscal revenue quality is acceptable. The government - funded revenue, mainly from land - transfer revenue, still significantly supports the comprehensive fiscal resources. In 2024, the general public budget revenue was 24.975 billion yuan, and the local comprehensive fiscal resources were 59.473 billion yuan. However, the city's fiscal self - sufficiency ability has weakened in recent years, and the fiscal balance is tight. The fiscal strength among districts and counties is also uneven, and some districts and counties are highly dependent on land finance [34][35][37] Debt Situation - Government Debt: The balance of Weihai's government debt has been rising. By the end of 2024, the local government debt limit and balance were 137.584 billion yuan and 121.509 billion yuan respectively. The debt ratio was 204.31%, ranking second in the province. After including the interest - bearing debt of urban investment enterprises, the debt pressure became more prominent, with a debt ratio of 477.17%, ranking third in the province. The debt levels of districts and counties vary greatly, and Wendeng District and Jingkai District have relatively heavy debt burdens [40][41][43] - Urban Investment Bonds: As of the end of 2024, there were 18 urban investment enterprises in Weihai, with a relatively large number in the province. The stock of urban investment bonds was 55.153 billion yuan, ranking seventh in the province. The bonds are mainly private placement bonds and general medium - term notes, and the main term is 5 years. The city will face a debt - repayment peak from 2028 to 2029 [45][49] - Non - standard Financing: Since the implementation of the "package debt - resolution policy", non - standard financing in Weihai has been rapidly reduced, especially in Huancui District. The city has few non - standard asset risks but has experienced commercial bill overdue events, which showed a trend of "first expanding and then converging" since 2024, and some bond - issuing entities have been involved [53][58] Debt - resolution Progress - Debt - resolution Measures: Weihai has followed Shandong Province's guidelines and taken multiple measures, including cultivating financial sources, making full use of bond tools, promoting the coordinated linkage between finance and finance, strengthening financial supervision and debt management, and promoting fiscal system reform [60][61][62] - Urban Investment Bond Situation: Since 2024, the net financing of urban investment bonds in Weihai has turned negative, the issuance period has been significantly extended, the issuance cost has decreased significantly, and the spread in the primary and secondary markets has narrowed significantly. However, the issuance cost and trading spread are still at medium - to - high levels in the province, and the debt pressure in some heavily indebted and weakly qualified areas remains high [63][66] - Urban Investment Enterprises: The growth rate of the stock debt of urban investment enterprises has significantly declined, the scale and proportion of non - standard financing have been reduced, and the financing cost has decreased. However, the debt scale is still increasing, the debt - repayment indicators have weakened, and the operating efficiency and cash - generating ability have not improved substantially [67] - Urban Investment Transformation: The reform and restructuring of state - owned enterprises in Weihai have been continuously promoted. Under the background of debt resolution, the transformation of financing platforms has accelerated, and new financing for industrial investment entities has achieved a breakthrough. Six urban investment enterprises have been declared as market - oriented operating entities, and two district - level industrial investment entities have issued bonds for the first time, but the number of involved entities is small and the new financing scale is limited [69][73]