As of April 24, 2023, S&P Global Ratings rated 91 government-related entities (GREs) in China. These comprised 48 GREs owned by the Chinese central government and 43 by local and regional governments.
We consider an entity to be a GRE if we believe it could, in the event of stress, benefit from extraordinary government support, or we believe an entity controlled by a government could be subject to negative extraordinary government intervention if that government is under stress.
We consider government support, or negative intervention, as "extraordinary" when it is temporary, entity-specific, and often related to financial stress at the GRE or at the government level.
When rating GREs, our views on credit quality are based on the stand-alone credit profile (SACP) and the government rating or credit assessment. The GRE rating incorporates analysis of the following elements:
- The GRE's SACP, which represents the GRE's credit quality in the absence of extraordinary support or intervention;
- The local currency issuer credit rating or credit assessment of the relevant government, which reflects the government's ability to support the GRE or, in a negative scenario, its need to avail itself of the resources of the GRE; and
- Our opinion of the likelihood of sufficient and timely extraordinary government intervention in support of the GRE's ability to meet its financial obligations. This is derived from our assessment of the importance of the GRE's role to, and link with, the government.
These and other related parameters are specified in our criteria (see "Rating Government-Related Entities: Methodology And Assumptions," March 25, 2015).
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Table 1
GRE List--Nonfinancial Corporates | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ratings and outlook | SACP | Notches up from the SACP | Related government | Role | Link | Likelihood of support | Industry | |||||||||||
Beijing Automotive Group Co. Ltd. |
BBB/Stable/-- | bb- | 4 | Beijing municipality | Very important | Very strong | Very high | Automotive | ||||||||||
Beijing Capital Group Co. Ltd. |
BBB-/Stable/-- | bb- | 3 | Beijing municipality | Important | Very strong | High | Real estate developer | ||||||||||
Beijing Construction Engineering Group Co. Ltd. |
BBB/Stable/-- | bb | 3 | Beijing municipality | Important | Very strong | High | Engineering & construction | ||||||||||
Beijing State-Owned Assets Management Co. Ltd. |
A/Stable/-- | bb+ | 5 | Beijing municipality | Critical | Very strong | Extremely high | Investment holding company | ||||||||||
Beijing State-owned Capital Operation and Management Co. Ltd. |
A+/Stable/-- | bbb | 4 | Beijing municipality | Critical | Integral | Almost certain | Investment holding company | ||||||||||
Bright Food (Group) Co. Ltd. |
BBB/Stable/-- | bb | 3 | Shanghai municipality | Important | Very strong | High | Consumer products | ||||||||||
China Baowu Steel Group Corp. Ltd. |
A-/Stable/-- | bbb | 2 | Central | Important | Very strong | High | Metals & mining | ||||||||||
China FAW Group Co. Ltd. |
A/Stable/-- | bbb+ | 2 | Central | Important | Very strong | High | Automotive | ||||||||||
China Minmetals Corp. |
BBB+/Stable/-- | bb+ | 3 | Central | Important | Very strong | High | Metals & mining | ||||||||||
China Mobile Ltd. |
A+/Stable/-- | aa | Capped by sovereign | Central | Very important | Very strong | Very high | Telecommunication | ||||||||||
China National Gold Group Co. Ltd. |
BBB/Stable/-- | bb | 3 | Central | Important | Very strong | High | Metals & mining | ||||||||||
China National Offshore Oil Corp. |
A+/Stable/-- | a | 1 | Central | Critical | Very strong | Extremely high | Oil & gas | ||||||||||
China National Petroleum Corp. |
A+/Stable/-- | a+ | 0 | Central | Critical | Very strong | Extremely high | Oil & gas | ||||||||||
China Petrochemical Corp. |
A+/Stable/A-1 | a | 1 | Central | Critical | Very strong | Extremely high | Oil & gas | ||||||||||
China Petroleum & Chemical Corp. |
A+/Stable/-- | a | 1 | Central | Critical | Very strong | Extremely high | Oil & gas | ||||||||||
China Railway Construction Corp. Ltd. |
A-/Stable/-- | bbb | 2 | Central | Important | Very strong | High | Engineering & construction | ||||||||||
China Railway Group Ltd. |
BBB+/Stable/-- | bb+ | 3 | Central | Important | Very strong | High | Engineering & construction | ||||||||||
China State Construction Engineering Corp. Ltd. |
A/Stable/-- | bbb+ | 2 | Central | Important | Very strong | High | Engineering & construction | ||||||||||
China Tourism Group Corp. Ltd. |
A-/Stable/-- | bbb | 2 | Central | Important | Very strong | High | Media, entertainment & leisure | ||||||||||
CITIC Group Corp. |
BBB+/Stable/A-2 | bb | 4 | Central | Very important | Very strong | Very high | Conglomerates | ||||||||||
CNOOC Ltd. |
A+/Stable/-- | a | 1 | Central | Critical | Very strong | Extremely high | Oil & gas | ||||||||||
CRRC Corp. Ltd. |
A+/Stable/-- | a | 1 | Central | Very important | Very strong | Very high | Capital goods | ||||||||||
Guangdong Hengjian Investment Holding Co. Ltd. |
A/Stable/-- | bb+ | 5 | Guangdong province | Critical | Very strong | Extremely high | Investment holding company | ||||||||||
Jinjiang International Holding Co. Ltd. |
BBB-/Negative/-- | bb- | 3 | Shanghai municipality | Important | Very strong | High | Media, entertainment & leisure | ||||||||||
Power Construction Corp. of China |
BBB+/Stable/-- | bb+ | 3 | Central | Important | Very strong | High | Engineering & construction | ||||||||||
Shandong Gold Group Co. Ltd. |
BBB-/Stable/-- | bb- | 3 | Shandong province | Important | Very strong | High | Metals & mining | ||||||||||
Shanghai Construction Group Co. Ltd. |
BBB/Stable/-- | bb+ | 2 | Shanghai municipality | Limited importance | Very strong | Moderately high | Engineering & construction | ||||||||||
Shanghai Electric Holdings Group Co. Ltd. |
BBB/Negative/-- | bb- | 4 | Shanghai municipality | Very important | Very strong | Very high | Capital goods | ||||||||||
Shanghai Huayi (Group) Co. |
BBB/Stable/-- | bb+ | 2 | Shanghai municipality | Limited importance | Very strong | Moderately high | Chemicals | ||||||||||
Shenzhen Investment Holdings Co. Ltd. |
A/Stable/-- | bbb | 3 | Shenzhen city | Very important | Very strong | Very high | Investment holding company | ||||||||||
State Development & Investment Corp. |
A/Stable/-- | bbb- | 4 | Central | Critical | Very strong | Extremely high | Investment holding company | ||||||||||
Note: Ratings as of Apr. 24, 2023. SACP--Stand-alone credit profile. GRE--Government related entity. Source: S&P Global Ratings. |
Table 2
GRE List--Utilities And Infrastructure | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ratings and outlook | SACP | Notches up from the SACP | Related government | Role | Link | Likelihood of support | Industry | |||||||||||
Beijing Environment Sanitation Engineering Group Co. Ltd. |
BBB/Stable/-- | bb | 3 | Beijing municipality | Important | Very strong | High | Utility | ||||||||||
Beijing Infrastructure Investment Co. Ltd. |
A+/Stable/-- | bb- | 8 | Beijing municipality | Critical | Integral | Almost certain | Transportation | ||||||||||
China General Nuclear Power Corp. |
A-/Stable/-- | bb+ | 4 | Central | Very important | Very strong | Very high | Utility | ||||||||||
China Huadian Corp. Ltd. |
A-/Stable/-- | bb+ | 4 | Central | Very important | Very strong | Very high | Utility | ||||||||||
China Huaneng Group Co. Ltd. |
A-/Stable/-- | bb+ | 4 | Central | Very important | Very strong | Very high | Utility | ||||||||||
China Southern Power Grid Co. Ltd. |
A+/Stable/-- | a | 1 | Central | Critical | Very strong | Extremely high | Utility | ||||||||||
China Three Gorges Corp. |
A/Stable/-- | bbb+ | 2 | Central | Critical | Very strong | Extremely high | Utility | ||||||||||
Gansu Provincial Highway Aviation Tourism Investment Group Co. Ltd. |
BBB+/Stable/-- | bb- | 5 | Gansu province | Critical | Integral | Almost certain | Transportation | ||||||||||
Guangdong Energy Group Co. Ltd. |
A-/Stable/-- | bbb- | 3 | Guangdong province | Very important | Very strong | Very high | Utility | ||||||||||
Guangdong Provincial Communications Group Co. Ltd. |
A/Stable/-- | bbb- | 4 | Guangdong province | Critical | Very strong | Extremely high | Infrastructure | ||||||||||
Hangzhou Qiantang New District Industrial Development Group Co. Ltd. |
BBB-/Stable/-- | b+ | 4 | Hangzhou city | Very important | Very strong | Very high | Infrastructure | ||||||||||
Nanjing Yangzi State-Owned Assets Investment Group Co. Ltd. |
BBB+/Stable/-- | b | 7 | Nanjing city | Very important | Integral | Extremely high | Infrastructure | ||||||||||
Qingdao Conson Development (Group) Co. Ltd. |
BBB/Stable/-- | b | 6 | Qingdao city | Very important | Integral | Extremely high | Infrastructure | ||||||||||
Shanghai International Port (Group) Co. Ltd. |
A+/Stable/-- | a+ | 0 | Shanghai municipality | Very important | Strong | High | Transportation | ||||||||||
Shanghai Lingang Economic Development (Group) Co. Ltd. |
BBB+/Stable/-- | b+ | 6 | Shanghai municipality | Very important | Integral | Extremely high | Infrastructure | ||||||||||
Shenergy (Group) Co. Ltd. |
A/Stable/-- | a- | 1 | Shanghai municipality | Very important | Very strong | Very high | Utility | ||||||||||
Shenzhen International Holdings Ltd. |
BBB/Stable/-- | bb+ | 2 | Shenzhen city | Important | Strong | Moderately high | Transportation | ||||||||||
State Grid Corp. of China |
A+/Stable/-- | a+ | 0 | Central | Critical | Very strong | Extremely high | Utility | ||||||||||
State Power Investment Corp. Ltd. |
A-/Stable/-- | bb+ | 4 | Central | Very important | Very strong | Very high | Utility | ||||||||||
Wuxi Communications Industry Group Co. Ltd. |
BBB/Stable/-- | b | 6 | Wuxi city | Very important | Integral | Extremely high | Transportation | ||||||||||
Yangzhou Economic and Technological Development Zone Development (Group) Co. Ltd. |
BB+/Stable/-- | b- | 5 | Yangzhou city | Very important | Integral | Extremely high | Infrastructure | ||||||||||
Note: Ratings as of Apr. 24, 2023. SACP--Stand-alone credit profile. GRE--Government related entity. Source: S&P Global Ratings. |
Table 3
GRE List--Financial Institutions And Insurance | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Org Legal Name | Ratings and outlook | SACP | Notches up from the SACP | Related government | Role | Link | Likelihood of support | Industry | ||||||||||
Agricultural Bank of China Ltd. |
A/Stable/A-1 | bbb+ | 2 | Central | Critical | Very strong | Extremely high | Bank | ||||||||||
Agricultural Development Bank of China |
A+/Stable/A-1 | NA | N/A | Central | Critical | Integral | Almost certain | Policy bank | ||||||||||
Bank of China Ltd. |
A/Stable/A-1 | a- | 1 | Central | Critical | Very strong | Extremely high | Bank | ||||||||||
Bank of Chongqing Co. Ltd. |
BBB-/Stable/A-3 | bb | 2 | Chongqing municipality | Important | Strong | Moderately high | Bank | ||||||||||
Bank of Communications Co. Ltd. |
A-/Stable/A-2 | bbb- | 3 | Central | Very important | Very strong | Very high | Bank | ||||||||||
China Bohai Bank Co. Ltd. |
BBB-/Negative/A-3 | bb | 2* | Tianjin municipality | Important | Strong | Moderately high | Bank | ||||||||||
China Cinda Asset Management Co. Ltd. |
BBB+/Stable/A-2 | bb | 4 | Central | Very important | Very strong | Very high | NBFI | ||||||||||
China Construction Bank Corp. |
A/Stable/A-1 | bbb+ | 2 | Central | Critical | Very strong | Extremely high | Bank | ||||||||||
China Development Bank |
A+/Stable/A-1 | NA | N/A | Central | Critical | Integral | Almost certain | Policy bank | ||||||||||
China Export & Credit Insurance Corp. |
A+/Stable/-- | NA | N/A | Central | Critical | Integral | Almost certain | Insurance | ||||||||||
China Galaxy Securities Co. Ltd. |
BBB/Stable/A-2 | bbb- | 1 | Central | Limited importance | Strong | Moderate | NBFI | ||||||||||
China Great Wall Asset Management Co. Ltd. |
BBB/Stable/A-2 | bb- | 4 | Central | Very important | Very strong | Very high | NBFI | ||||||||||
China Huarong Asset Management Co. Ltd. |
BBB-/Stable/A-3 | b+ | 4 | Central | Very important | Very strong | Very high | NBFI | ||||||||||
China International Capital Corp. Ltd. |
BBB+/Stable/A-2 | bbb | 1 | Central | Important | Strong | Moderately high | NBFI | ||||||||||
China Jianyin Investment Ltd. |
A/Stable/A-1 | bb+ | 5 | Central | Very important | Integral | Extremely high | NBFI | ||||||||||
China Life Insurance Co. Ltd. |
A+/Stable/-- | a | 1 | Central | Very important | Very strong | Very high | Insurance | ||||||||||
China Orient Asset Management Co. Ltd. |
BBB/Stable/A-2 | bb- | 4 | Central | Very important | Very strong | Very high | NBFI | ||||||||||
China Reinsurance (Group) Corp. |
A/Stable/-- | a- | 1 | Central | Important | Very strong | High | Insurance | ||||||||||
China Taiping Insurance Group (HK) Co. Ltd.§ |
BBB+/Negative/A-2 | bbb+ | 2 | Central | Important | Very strong | High | Insurance | ||||||||||
China Zheshang Bank Co. Ltd. |
BBB-/Stable/A-3 | bb | 2 | Zhejiang province | Important | Strong | Moderately high | Bank | ||||||||||
CITIC Securities Co. Ltd. |
BBB+/Stable/A-2 | bbb | 1 | Central | Important | Limited | Moderate | NBFI | ||||||||||
CSC Financial Co. Ltd. |
BBB+/Stable/A-2 | bbb | 1 | Beijing municipality | Limited importance | Very strong | Moderately high | NBFI | ||||||||||
Export-Import Bank of China (The) |
A+/Stable/A-1 | NA | N/A | Central | Critical | Integral | Almost certain | Policy bank | ||||||||||
GF Securities Co. Ltd. |
BBB/Stable/A-2 | bbb- | 1 | Guangdong province | Limited importance | Strong | Moderate | NBFI | ||||||||||
Guangzhou Finance Holdings Group Co. Ltd. |
BBB+/Negative/A-2 | bb | 4 | Guangzhou city | Very important | Very strong | Very high | NBFI | ||||||||||
Guosen Securities Co. Ltd. |
BBB/Stable/A-2 | bb+ | 2 | Shenzhen city | Limited importance | Very strong | Moderately high | NBFI | ||||||||||
Guotai Junan Securities Co. Ltd. |
BBB+/Stable/A-2 | bbb | 1 | Shanghai municipality | Limited importance | Very strong | Moderately high | NBFI | ||||||||||
Haitong Securities Co. Ltd. |
BBB/Stable/A-2 | bb+ | 2 | Shanghai municipality | Limited importance | Very strong | Moderately high | NBFI | ||||||||||
Hangzhou Finance And Investment Group Co. Ltd. |
BBB/Stable/A-2 | bb- | 4 | Hangzhou city | Very important | Very strong | Very high | NBFI | ||||||||||
Hua Xia Bank Co. Ltd. |
BBB-/Stable/A-3 | bb | 2 | Beijing municipality | Important | Strong | Moderately high | Bank | ||||||||||
Huatai Securities Co. Ltd. |
BBB+/Stable/A-2 | bbb | 1 | Jiangsu province | Limited importance | Very strong | Moderately high | NBFI | ||||||||||
Industrial and Commercial Bank of China Ltd. |
A/Stable/A-1 | bbb+ | 2 | Central | Critical | Very strong | Extremely high | Bank | ||||||||||
Orient Securities Co. Ltd. |
BBB-/Stable/A-3 | bb+ | 1 | Shanghai municipality | Limited importance | Strong | Moderate | NBFI | ||||||||||
Postal Savings Bank of China Co. Ltd. |
A/Stable/A-1 | bbb | 3 | Central | Critical | Very strong | Extremely high | Bank | ||||||||||
Shanghai Pudong Development Bank Co. Ltd. |
BBB/Stable/A-2 | bb | 3 | Shanghai municipality | Important | Very strong | High | Bank | ||||||||||
Shanghai Rural Commercial Bank Co. Ltd. |
BBB/Stable/A-2 | bb+ | 2 | Shangha | Important | Strong | Moderately high | Bank | ||||||||||
Shenwan Hongyuan Securities Co. Ltd. |
BBB/Stable/A-2 | bbb- | 1 | Central | Limited importance | Strong | Moderate | NBFI | ||||||||||
Zhongrong International Trust Co. Ltd. |
BB+/Stable/B | bb | 1 | Central | Important | Limited | Moderate | NBFI | ||||||||||
Zhongtai Securities Co. Ltd. |
BBB-/Stable/A-3 | bb+ | 1 | Shandong province | Limited importance | Very strong | Moderately high | NBFI | ||||||||||
Note: Ratings as of Apr. 24, 2023. N/A--Not applicable. *Uplift based on systemic importance. §The issuer credit rating is two notches below the group credit profile, which accounts for the structural subordination of the holding company's creditors versus the policyholders of its insurance subsidiaries. SACP--Stand-alone credit profile. GRE--Government-related entity. NBFI--Nonbanking financial institutions. Source: S&P Global Ratings. |
Related Research
- China GRE Ratings List, Nov. 21, 2022
- China GRE Ratings List--The Stresses Pile On, April 28, 2022
- China GRE Ratings List, Sept. 21, 2021
- China GRE Ratings List, Jan. 14, 2021
This report does not constitute a rating action.
Primary Credit Analyst: | Charles Chang, Hong Kong (852) 2533-3543; charles.chang@spglobal.com |
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WenWen Chen, Hong Kong + 852 2533 3559; wenwen.chen@spglobal.com | |
Jenny Chan, Hong Kong +852 25333570; jenny.chan@spglobal.com | |
Claire Sun, Hong Kong +852 25328023; claire.sun@spglobal.com |
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