地方政府与城投企业债务风险研究报告—北京篇 联合资信 公用评级四部 |赵晓敏 |严鸣明 www.lhratings.com 研究报告 1 报告概要 2 北京市空间总体布局基本思路为"北研南制、东服西创、多点支撑"，人口、科研和文化资源 等为北京经济发展和科技创新等提供了坚实的基础。北京在全国率先提出高精尖产业构想， 构建"2441"高精尖产业体系，力求做强做优做大数字经济，建设全球数字经济标杆城市； 同时积极布局未来产业，力求实现近期推动教育、科技、人才优势转化为产业优势，中期形 成颠覆性技术和重大原创成果，远期形成全球占先的未来产业集群。 2024 年，北京市地区生产总值持续增长，经济总量处于全国中上游，人均 GDP 居全国之首； 财政收入持续增长，财税收入质量高，财政自给能力较强，综合财力雄厚，政府债务负担较 轻。 北京市各区在区域功能定位、经济结构和产业集聚等方面存在差异，经济实力分化明显。海 淀区、朝阳区、西城区经济财政实力在北京各区中处于领先地位；生态涵养发展各区受生态 保护等方面的限制，经济财政实力靠后，综合财力对上级补助收入的依赖较强。丰台区和大 兴区政府债务规模居前。2024 年，受益于国有土 ...

Economic Reform - The city aims to deepen economic and public service reforms to enhance the vitality of various business entities and optimize the business environment [1] - The focus will be on promoting the complementary advantages of different ownership economies and accelerating the market-oriented allocation of resources [1] Technological Innovation - The city plans to enhance its status as an international technology innovation center by focusing on original innovation and key core technology breakthroughs [1] - There will be an emphasis on the deep integration of technological and industrial innovation, along with the establishment of a technology achievement transformation system [1] Education and Talent Development - The education system will expand high-quality educational resources and enhance the integration of education, technology, and talent development [2] - The focus will be on cultivating innovative talents and adapting education to meet the needs of the capital's economic and social development [2] Digital Economy - The city aims to build a global benchmark for the digital economy and develop high-end industries to promote high-quality economic development [3][4] - Plans include creating new trillion-level emerging industry clusters in artificial intelligence and green advanced energy [4] Social Security - The human resources and social security system will prioritize employment and enhance the social security system to ensure reliable and comprehensive protection for citizens [5] Environmental Protection - The city will focus on improving ecological environment quality and promoting green transformation in production and lifestyle [6] Transportation - The transportation system will adopt strategies to optimize and enhance the efficiency of the comprehensive transportation network [7] Urban-Rural Development - The city will implement rural revitalization strategies and promote balanced urban-rural development [9] Cultural Development - The cultural sector will enhance the influence of the cultural center and promote the integration of culture and tourism [10] Health Initiatives - The health sector will focus on improving the healthcare service system and promoting high-quality population development [11] Heritage Protection - The city will strengthen the protection and transmission of historical and cultural heritage [12] Urban Greenery - Plans are underway to develop a garden city with enhanced ecological functions and improved green spaces [14]

据北京日报消息，11月17日，中国共产党北京市第十三届委员会第七次全体会议召开。全会认真学习贯彻党的二 十届四中全会精神，审议通过了《中共北京市委关于制定北京市国民经济和社会发展第十五个五年规划的建 议》。市委常委会主持会议。市委书记尹力就《建议（讨论稿）》向全会作说明并讲话。 全会指出，党的二十届四中全会是在即将进入基本实现社会主义现代化夯实基础、全面发力的关键时期召开的一 次十分重要的会议。学习好贯彻好党的二十届四中全会精神，是当前和今后一个时期的重大政治任务。全市各级 党组织和广大党员干部要深刻领悟"两个确立"的决定性意义，增强"四个意识"、坚定"四个自信"、做到"两个维 护"，把学习四中全会精神与领悟习近平新时代中国特色社会主义思想，与把握党的二十大战略部署、二十届三中 全会改革举措等联系起来，找准工作方向和发力点，以首善标准抓好贯彻落实。 全会强调，推动"十五五"时期经济社会发展，要严格遵循党的二十届四中全会明确的重大原则，更加注重优化提 升首都功能，自觉把北京的发展纳入中国式现代化事业全局考量；更加注重增进民生福祉，聚焦"七有""五性"解 决好人民群众急难愁盼问题；更加注重增强创新动能，大力发展新 ...

Group 1: Financial Services for High-Tech Industries - During the "14th Five-Year Plan" period, the banking and insurance sectors in Beijing have provided over 100 financing and insurance products for local industries [1] - As of September 2025, the loan balance for high-tech industries in Beijing is expected to exceed 1 trillion yuan, with an average annual growth rate of nearly 20% over the past three years, which is 10 percentage points higher than the average growth rate of all loans during the same period [1] - From January to September, the insurance sector in Beijing utilized technology insurance to provide risk coverage exceeding 5 trillion yuan for nearly 4 million enterprises, with premium income doubling year-on-year [1] Group 2: Investment in Financial Asset Companies - Beijing is accelerating the pilot implementation of equity investments by financial asset investment companies, with over 30 projects in reserve and an intended scale of nearly 30 billion yuan, leading the nation [2] - The insurance sector in Beijing has approved pilot projects for long-term investment reforms amounting to approximately 21 billion yuan, with nearly half of the projects already in progress, providing stable funding for high-tech industry development [2] Group 3: Intellectual Property Financial Ecosystem - Beijing is expediting the construction of a comprehensive financial ecosystem for intellectual property, aiming to become one of the first national pilot cities for this initiative [3] - The city has introduced the first overseas insurance for intellectual property, providing risk coverage exceeding 100 million yuan for export enterprises, and the balance of intellectual property pledge loans has increased nearly threefold over the past four years [3] - Beijing has established the first commercial aerospace mutual insurance organization in the country, which has shortened the inquiry and underwriting period for rocket and satellite launch projects by 20% [3] Group 4: Enhancing Financial Services for High-Tech Industries - Beijing is addressing the financing challenges faced by enterprises by establishing the Zhongguancun Science and Technology Financial Service Center, which aggregates quality financial institutions and other stakeholders [4] - The center has processed nearly 30 billion yuan in business over the past three years, with over 90% of the supported entities being specialized and innovative enterprises in key sectors such as software information, artificial intelligence, biomedicine, and energy conservation [4] - The Beijing Financial Regulatory Bureau plans to continue directing more financial resources towards key technology sectors to inject stronger financial momentum into the development of high-tech industries [4]

Core Insights - During the "14th Five-Year Plan" period, Beijing's high-precision and advanced industries have significantly enhanced their capabilities, becoming a crucial contributor to economic growth [1] Industry Overview - By 2024, the scale of Beijing's high-precision and advanced industries is expected to reach nearly 6 trillion yuan, representing a 61% increase compared to 2020 [1] - The added value of high-precision and advanced industries is projected to account for 33.1% of the regional GDP, an increase of 4.5 percentage points from 2020 [1] Industrial Performance - The total industrial output value of large-scale industries is anticipated to exceed 2.5 trillion yuan, with an average growth rate of 5.6% over the first four years of the "14th Five-Year Plan" [1] - The revenue of the information and software industry is expected to surpass 3.3 trillion yuan, constituting one-quarter of the national total, with an average growth rate of 17.1% during the same period [1] - In the first three quarters of this year, the combined added value of the industrial and information software sectors exceeded 1.3 trillion yuan, contributing nearly 60% to economic growth [1] Key Sectors - All ten high-precision and advanced industries are projected to reach a scale of over 100 billion yuan, with the new generation information technology, technology services, and pharmaceutical health sectors exceeding 1 trillion yuan each [1]

Core Points - Beijing has approved the release of 61 local standards to accelerate the construction of a high-quality development standard system, with 38 new standards and 23 revised standards [1][2] Group 1: Key Areas of Standards - The new standards cover various critical areas including human-assisted reproductive technology, services for disabled individuals, laundry services, intelligent perception systems for unmanned platforms, and food safety [1][2] - The "Quality Monitoring and Evaluation Norms for Human-Assisted Reproductive Technology" is the first of its kind in the country, aimed at enhancing the quality management of reproductive technologies [1][2] - The "Service Norms for Care Institutions for Disabled Individuals with Mental Disorders" outlines comprehensive requirements for service quality, facility layout, personnel configuration, safety management, and service processes [1][2] Group 2: Specific Standards and Their Implications - The "Laundry Service Evaluation Norms" set clear requirements for service quality, service items, service processes, and customer rights protection, ensuring a high standard of service in the laundry industry [2] - The "Safety Analysis Technical Norms for Intelligent Perception Systems of Unmanned Platforms" establishes a safety analysis indicator system focusing on detection accuracy and resilience against attacks, supporting the development of high-tech industries [2] - The "Quality Management Norms for Food Production Enterprises" includes specific requirements for low-temperature pasteurized milk and roasted coffee, aiming to enhance food safety and quality control in Beijing's food industry [3]

Economic Performance - The GDP of the Beijing-Tianjin-Hebei region reached 5.7 trillion yuan in the first half of the year, with a year-on-year growth of 5.4% at constant prices [2] - The industrial added value for large-scale industries in the three regions grew by 7.0%, 5.1%, and 7.4% respectively, with high-tech manufacturing accounting for 32.9% and 16.4% of the industrial added value in Beijing and Tianjin [2] - The service sector's added value was 4.1 trillion yuan, showing a year-on-year increase of 5.5% [2] - The total retail sales of consumer goods in the region reached 1.60978 trillion yuan, growing by 0.7% year-on-year [2] - Fixed asset investment (excluding rural households) increased by 14.1%, 5.5%, and 6.5% in the three regions respectively [2] Collaborative Development - The region is accelerating collaborative innovation and industrial cooperation, with significant projects like the completion of the Zhangjiakou computing power center and the establishment of the Beijing-Tianjin-Hebei National Technology Innovation Center for smart connected vehicles [3] - In the first half of the year, Tianjin received 99.04 billion yuan in industrial project investments from Beijing and Hebei, accounting for nearly 50% of all industrial project investments [3] - The Beijing sub-center in Tongzhou district saw a GDP growth of 12.5% and fixed asset investment growth of 18.7%, both exceeding the city average [3] Public Services Integration - The transportation network has improved, with the first intercity bus line to Beijing now operational and seamless connections between Hebei and Beijing's transit systems [4] - Medical resources are being shared, with 8.398 million visits for direct settlement of medical expenses in Beijing by insured individuals from Tianjin and Hebei [4] - Educational collaboration has been established, with over 300 schools in Hebei cooperating with Beijing-Tianjin institutions, and 13,000 students enrolled in joint programs [4] Income Growth - The per capita disposable income in the three regions increased by 4.8%, 4.7%, and 5.3% respectively in the first half of the year [5]

Economic Performance - In the first half of this year, Shijingshan District achieved a GDP of 69.66 billion, with a year-on-year growth of 7.6%, ranking first among central urban areas [1] - Since the 14th Five-Year Plan, the district's GDP has increased from 97.38 billion in 2020 to a projected 131.29 billion in 2024, with a cumulative fixed asset investment of nearly 180 billion, accounting for 5.2% of the city's total investment [1] Industrial Transformation - Shijingshan District is implementing two rounds of high-precision and high-tech industrial action plans, transitioning its industrial system from "1+3+1" to "2+4+4" [2] - The new industrial system focuses on information technology and modern finance as leading industries, with emerging sectors like artificial intelligence and virtual reality being prioritized [2] Talent Development - The district is actively promoting a talent strategy, focusing on the full chain development of youth talent with 12 tailored measures to support innovation and entrepreneurship [3] - Initiatives include expanding industrial space, creating application scenarios, and building platforms to enhance the entrepreneurial environment for young talents [3]

Group 1 - The State Council's guidance aims to implement large-scale vocational skills training from 2025 to the end of 2027, targeting over 30 million training sessions focused on high-demand industries and key employment groups [1] - The training will emphasize sectors such as advanced manufacturing, digital economy, low-altitude economy, transportation, agriculture, and life services, enhancing the supply of skilled labor [1] - The guidance encourages localities to improve the quality and effectiveness of vocational training, engaging various training institutions and promoting a project-based training model that links job demand with skills training and employment services [1] Group 2 - Public training bases have played a significant role in enhancing labor skills and improving employment quality, with 414 bases established since 2016, supported by central budget investments [2] - In 2024, public training bases trained 1.63 million individuals, marking a 10% increase year-on-year, including 510,000 university graduates, 400,000 employees, 250,000 migrant workers, and 12,000 veterans [2] - These bases not only focus on skills training but also expand into skills evaluation, entrepreneurship training, employment recruitment, skills competitions, teacher training, and course development, fostering a skilled and innovative workforce [2]

Core Insights - The article highlights the strategic development of Fangshan District in Beijing, focusing on attracting technology companies through supportive policies and innovative business models like "front store, back factory" [1][3][6] Group 1: Industry Development - Fangshan District is becoming a hub for high-tech industries, particularly in green energy and new materials, leveraging its research and manufacturing capabilities [1][4] - The district is forming clusters of high-precision industries, with a focus on smart manufacturing and intelligent medical engineering [1][4] Group 2: Government Support - The Beijing Investment Promotion Service Center and local authorities are actively facilitating connections between companies and application scenarios, addressing challenges such as "technology lacking scenarios" [2][3] - A new action plan for 2024-2026 aims to create significant application scenarios and demonstration projects to support the development of four major industrial clusters in Fangshan [3][6] Group 3: Business Models - The "front store, back factory" model allows companies to conduct research and production in close proximity, enhancing efficiency and reducing costs [3][4] - This model has been integrated into the "14th Five-Year Plan" for high-precision industry development in Beijing, promoting its adoption across the city [3][6] Group 4: Talent and Environment - Fangshan District has introduced the "Gathering Talent Plan," offering various support measures for talent acquisition, including financial rewards and housing guarantees [6] - The district is committed to optimizing the business environment, emphasizing that a high-quality environment is crucial for attracting and retaining quality enterprises [6]