地方政府与城投企业债务风险研究报告：苏州篇

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Suzhou has prominent location advantages, a large economic aggregate, strong fiscal strength, and good government debt ratio and debt - to - GDP ratio indicators. However, most districts (counties, cities) are affected by the real - estate market adjustment, with government - funded revenue under significant pressure. - In 2024, the government debt balance of each district (county, city) in Suzhou increased, with a low overall debt - to - GDP ratio. Except for Gusu District, the government debt ratios of the other areas increased significantly. - The number of bond - issuing urban investment enterprises in Suzhou is relatively large, mainly high - credit - rated enterprises. In 2025, the bond financing of these enterprises showed a net repayment, and the net financing situation varied greatly among different regions. [4] 3. Summaries According to Relevant Catalogs 3.1 Suzhou's Economic and Fiscal Strength 3.1.1 Economic Situation - Suzhou has prominent location advantages, a developed transportation network, a growing population, a high urbanization rate, a large economic aggregate, and a complete industrial structure. It has formed 3 trillion - level industries, 11 billion - level industries, 6 national advanced manufacturing clusters, and 4 national characteristic industrial clusters for small and medium - sized enterprises. - In 2025, Suzhou's GDP was 27695.1 billion yuan, with a year - on - year growth of 5.4%. The total output value of industries above designated size was 48966.4 billion yuan, with a year - on - year growth of 3.9%. The added value of the service industry increased by 5.2% year - on - year, contributing 50.2% to economic growth. - Policy support, such as the "Belt and Road Initiative", the development of the Yangtze River Economic Belt, and the integration of the Yangtze River Delta, provides strategic support for Suzhou's development. [5][8][9] 3.1.2 Fiscal Situation - Suzhou's general public budget revenue has been growing continuously, ranking first in Jiangsu Province, with high quality and self - sufficiency rate. However, the government - funded revenue has declined. - The government debt burden has increased, but the government debt ratio and debt - to - GDP ratio indicators are good. In 2024, the local government debt ratio and debt - to - GDP ratio were 96.79% and 13.69% respectively, ranking second in Jiangsu prefecture - level cities. [15][16][18] 3.2 Economic and Fiscal Conditions of Suzhou's Districts (Counties, Cities) 3.2.1 Economic Strength - The overall economic development level of Suzhou's districts (counties, cities) is relatively high, but there is obvious differentiation. Gusu District focuses on culture and high - end services with less manufacturing; Kunshan has the strongest economic strength. - In 2024, Kunshan was the only county - level city in Suzhou with a GDP exceeding 500 billion yuan. Except for Zhangjiagang, Wuzhong, Huqiu, and Gusu Districts, the GDP growth rates of the other areas exceeded the provincial average. In 2025, the GDP growth rates of most districts (counties, cities) declined year - on - year. [21][28][29] 3.2.2 Fiscal Strength and Debt Situation - In 2024, Kunshan and Suzhou Industrial Park led the city in general public budget revenue. Most districts (counties, cities) were affected by the real - estate market adjustment, with government - funded revenue under significant pressure. - By the end of 2024, the government debt balance of each district (county, city) in Suzhou increased, with a low overall debt - to - GDP ratio. Except for Gusu District, the government debt ratios of the other areas increased significantly. The government at all levels has strengthened debt monitoring and management. [30][37][41] 3.3 Solvency of Suzhou's Urban Investment Enterprises 3.3.1 Overview of Suzhou's Urban Investment Enterprises - There are many bond - issuing urban investment enterprises in Suzhou, with a relatively concentrated distribution in Wuzhong, Xiangcheng, Huqiu Districts, and Kunshan. The bond - issuing entities are mainly high - credit - rated enterprises. [48] 3.3.2 Bond - Issuing Situation of Suzhou's Urban Investment Enterprises - In 2025, the bond - issuing scale of Suzhou's urban investment enterprises decreased significantly year - on - year, showing a net repayment. Only Gusu District's urban investment enterprises had a net inflow of bond financing, while the others had a net repayment. The net repayment scale of Kunshan, Changshu, and Huqiu exceeded 10 billion yuan. [49][51] 3.3.3 Analysis of Urban Investment Enterprises' Solvency - By the end of 2024, the debt scale of Suzhou's bond - issuing urban investment enterprises increased, the financing structure was adjusted, and the bond - financing proportion decreased. Most enterprises' coverage of short - term debt by monetary funds was average. - Huqiu, Taicang, and Wuzhong Districts had relatively heavy debt burdens. Wuzhong and Kunshan had large scales of due bonds in the next year. The overall refinancing performance of Suzhou's bond - issuing urban investment enterprises was good. [54][56][57] 3.3.4 Support and Guarantee Ability of Fiscal Revenue for the Debt of Bond - Issuing Urban Investment Enterprises - The "total debt of bond - issuing urban investment enterprises + local government debt"/"comprehensive financial resources" indicators of each district (county, city) in Suzhou vary significantly. Gusu District exceeds 1200%, Suzhou Industrial Park is below 300%, and others are between different ranges. [63]