This report does not constitute a rating action.
This report comparative statistics for 36 tier-one local and regional governments (LRGs). We use the term "tier-one LRGs" to refer to the first tier of local governments under China's fiscal hierarchy (see flow-chart illustration below). These LRGs have direct fiscal ties with the central government. Of the four tiers of LRGs in China, only tier-one LRGs can borrow directly in the capital market.
S&P Global Ratings assesses the creditworthiness of non-U.S. LRGs by combining its assessment of their institutional framework and individual credit profiles to arrive at the anchor, a core element for assigning an issuer credit rating. As such, we focus on the issuer-specific credit profile. For Chinese LRGs, we focus on assessing "LRG-level" credit factors. For instance, for provincial governments, we primarily assess the "provincial-level" credit metrics, while using "whole province" ones (including provincial-level data plus data from its lower-tier cities/districts) as supplementary.
This is one of two articles published simultaneously on China's tier-one local government risk indicators. The other is a chartbook and includes more granular material, including on individual local governments. It is titled "China Tier-One Local Government Risk Indicators Chartbook."
The charts and tables below include economic, fiscal, and debt indicators across Chinese tier-one LRGs. The debt indicators include our estimates of these LRGs' tax-supported adjusted debt burdens, including debt from local government financing vehicles (LGFVs).
In addition, we select some liquid assets controlled by LRGs as a supplement to measure LRGs' buffers against coming debt repayment, by regions.
In this report, we have also added selective indicators as supplemental data to measure the LRGs' capacity to support their respective state-owned enterprises.
Table 1
| Local and regional government economic profile | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tier-one LRGs | GDP per capita | GDP scale | Real GDP growth (%) | Investment growth (%) | ||||||||||||||||||
| 2023 (US$) | 2023 (RMB) | 2023 (bil. US$) | 2023 (bil. RMB) | 2021 | 2022 | 2023 | 2021 | 2022 | 2023 | |||||||||||||
| Anhui | 10,898 | 76,830 | 667 | 4,705 | 8.3 | 3.5 | 5.8 | 9.4 | 9.0 | 4.0 | ||||||||||||
| Beijing | 28,369 | 200,000 | 621 | 4,376 | 8.5 | 0.7 | 5.2 | 4.9 | 3.6 | 4.9 | ||||||||||||
| Chongqing | 13,352 | 94,135 | 428 | 3,015 | 8.3 | 2.6 | 6.1 | 6.1 | 0.7 | 4.3 | ||||||||||||
| Dalian* | 16,533 | 116,557 | 124 | 875 | 8.2 | 4.0 | 6.0 | 1.2 | 6.5 | 0.6 | ||||||||||||
| Fujian§ | 18,421 | 129,865 | 771 | 5,436 | 8.0 | 4.7 | 4.5 | 6.0 | 7.5 | 2.5 | ||||||||||||
| Gansu | 6,790 | 47,867 | 168 | 1,186 | 6.9 | 4.5 | 6.4 | 11.1 | 10.1 | 5.9 | ||||||||||||
| Guangdong§ | 15,175 | 106,986 | 1,924 | 13,567 | 8.0 | 1.9 | 4.8 | 6.3 | (2.6) | 2.5 | ||||||||||||
| Guangxi | 7,660 | 54,005 | 386 | 2,720 | 7.5 | 2.9 | 4.1 | 7.6 | (0.3) | (15.5) | ||||||||||||
| Guizhou | 7,684 | 54,172 | 297 | 2,091 | 8.1 | 1.2 | 4.9 | (3.1) | (5.1) | (5.7) | ||||||||||||
| Hainan | 10,349 | 72,958 | 107 | 755 | 11.2 | 0.2 | 9.2 | 10.2 | (4.2) | 1.1 | ||||||||||||
| Hebei | 8,416 | 59,332 | 623 | 4,394 | 6.5 | 3.8 | 5.5 | 3.0 | 7.6 | 6.1 | ||||||||||||
| Heilongjiang | 7,358 | 51,874 | 225 | 1,588 | 6.1 | 2.7 | 2.6 | 6.4 | 0.6 | (14.8) | ||||||||||||
| Henan | 8,521 | 60,073 | 839 | 5,913 | 6.3 | 3.1 | 4.1 | 4.5 | 6.7 | 2.1 | ||||||||||||
| Hubei | 13,551 | 95,538 | 792 | 5,580 | 12.9 | 4.3 | 6.0 | 20.4 | 15.0 | 5.0 | ||||||||||||
| Hunan | 10,771 | 75,938 | 709 | 5,001 | 7.7 | 4.5 | 4.6 | 8.0 | 6.6 | (3.1) | ||||||||||||
| Inner Mongolia | 14,564 | 102,677 | 349 | 2,463 | 6.3 | 4.2 | 7.3 | 9.5 | 16.8 | 19.4 | ||||||||||||
| Jiangsu | 21,346 | 150,487 | 1,819 | 12,822 | 8.6 | 2.8 | 5.8 | 5.8 | 3.8 | 5.2 | ||||||||||||
| Jiangxi | 10,102 | 71,216 | 457 | 3,220 | 8.8 | 4.7 | 4.1 | 10.8 | 8.6 | (5.9) | ||||||||||||
| Jilin | 8,206 | 57,850 | 192 | 1,353 | 6.6 | (1.9) | 6.3 | 11.0 | (2.4) | 0.3 | ||||||||||||
| Liaoning§ | 10,228 | 72,107 | 429 | 3,021 | 5.8 | 2.1 | 5.3 | 2.6 | 3.6 | 4.0 | ||||||||||||
| Ningbo* | 24,165 | 170,363 | 233 | 1,645 | 8.2 | 3.5 | 5.5 | 11.0 | 10.4 | 7.5 | ||||||||||||
| Ningxia | 10,349 | 72,957 | 75 | 531 | 6.7 | 4.0 | 6.6 | 2.7 | 8.2 | 5.0 | ||||||||||||
| Qingdao* | 21,554 | 151,958 | 224 | 1,576 | 8.3 | 3.9 | 5.9 | 4.1 | 4.5 | 5.0 | ||||||||||||
| Qinghai | 9,064 | 63,903 | 54 | 380 | 5.7 | 2.3 | 5.3 | (2.9) | (7.6) | (7.5) | ||||||||||||
| Shaanxi | 12,120 | 85,448 | 479 | 3,379 | 6.5 | 4.3 | 4.3 | (3.1) | 7.9 | 0.3 | ||||||||||||
| Shandong§ | 12,901 | 90,950 | 1,306 | 9,207 | 8.3 | 3.9 | 6.0 | 6.0 | 6.1 | 5.2 | ||||||||||||
| Shanghai | 26,931 | 189,862 | 670 | 4,722 | 8.1 | (0.2) | 5.0 | 8.1 | (1) | 13.8 | ||||||||||||
| Shanxi | 10,494 | 73,984 | 365 | 2,570 | 9.1 | 4.4 | 5.0 | 8.7 | 5.9 | (6.6) | ||||||||||||
| Shenzhen* | 27,692 | 195,230 | 491 | 3,461 | 6.7 | 3.4 | 6.0 | 3.7 | 8.4 | 11.0 | ||||||||||||
| Sichuan | 10,189 | 71,835 | 853 | 6,013 | 8.2 | 2.9 | 6.0 | 10.1 | 8.4 | 4.4 | ||||||||||||
| Tianjin | 17,412 | 122,752 | 237 | 1,674 | 6.6 | 1.0 | 4.3 | 4.8 | (9.9) | (16.4) | ||||||||||||
| Tibet | 9,311 | 65,642 | 34 | 239 | 6.7 | 1.1 | 9.5 | (14.2) | (18) | 35.1 | ||||||||||||
| Xiamen* | 21,479 | 151,427 | 114 | 807 | 8.1 | 4.4 | 3.1 | 11.3 | 10.2 | 0.5 | ||||||||||||
| Xinjiang | 10,464 | 73,774 | 271 | 1,913 | 7.0 | 3.2 | 6.8 | 15.0 | 7.6 | 12.4 | ||||||||||||
| Yunnan | 9,093 | 64,107 | 426 | 3,002 | 7.3 | 4.3 | 4.4 | 4.0 | 7.0 | (10.6) | ||||||||||||
| Zhejiang§ | 17,737 | 125,043 | 1,171 | 8,255 | 8.5 | 3.1 | 6.0 | 10.8 | 9.1 | 6.1 | ||||||||||||
| China LRG sector | 12,675 | 89,358 | 17,881 | 126,058 | 8.4 | 3.0 | 5.2 | 4.9 | 5.1 | 3.0 | ||||||||||||
| Note: Please refer to our glossary for a definition of terms. *Cities with state-planning status. §Economic data of these provinces includes that of the respective cities with state-planning status. 1 USD = 7.05 RMB for 2023. Sources: Local governments' Bureau of Statistics, Wind, S&P Global Ratings. | ||||||||||||||||||||||
Table 2
| Local and regional government fiscal profile (LRG level) | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tier-one LRGs | Adjusted total revenue | Revenue composition (2023)(%) | Operating balance as % of adjusted operating revenue | Balance after capital accounts as % of adjusted total revenue | ||||||||||||||
| 2023 (bil. RMB) | Own operating revenue | Own capital revenue | Transfer payments | 2021-2023 average | 2023 | 2021-2023 average | 2023 | |||||||||||
| Anhui | 520.8 | 6.5 | 0.8 | 92.7 | 5.4 | 5.3 | (0.6) | (0.3) | ||||||||||
| Beijing | 618.4 | 55.5 | 10.3 | 34.2 | 16.0 | 10.6 | 4.7 | (2.9) | ||||||||||
| Chongqing | 473.9 | 19.1 | 19.3 | 61.6 | 9.4 | 11.1 | (9.2) | (6.8) | ||||||||||
| Dalian | 81.9 | 41.1 | 0.0 | 58.9 | 11.8 | 11.8 | (17.4) | (26.5) | ||||||||||
| Fujian | 251.1 | 11.7 | 0.0 | 88.3 | 1.4 | (0.4) | (5.5) | (7.3) | ||||||||||
| Gansu | 390.5 | 6.8 | 0.0 | 93.2 | 4.4 | 0.4 | (7.5) | (6.6) | ||||||||||
| Guangdong | 739.5 | 43.8 | 0.6 | 55.6 | 0.1 | (2.2) | (6.2) | (7.6) | ||||||||||
| Guangxi | 470.2 | 8.0 | 0.3 | 91.6 | 1.9 | 3.3 | (9.3) | (5.4) | ||||||||||
| Guizhou | 492.4 | 13.3 | 4.2 | 82.5 | 10.1 | 9.6 | (3.6) | (1.5) | ||||||||||
| Hainan | 178.5 | 13.9 | 3.0 | 83.1 | 2.1 | 1.9 | (11.3) | (13.1) | ||||||||||
| Hebei | 587.6 | 12.4 | 0.2 | 87.4 | 2.3 | 3.4 | (0.9) | 2.0 | ||||||||||
| Heilongjiang | 522.2 | 5.9 | 0.1 | 94.0 | 8.4 | 8.8 | 1.0 | 2.5 | ||||||||||
| Henan | 712.0 | 2.6 | 0.8 | 96.6 | 1.2 | (0.1) | (1.9) | (2.8) | ||||||||||
| Hubei | 601.2 | 5.6 | 0.0 | 94.3 | 7.5 | 6.6 | 0.8 | (0.2) | ||||||||||
| Hunan | 582.4 | 7.0 | 0.3 | 92.8 | 2.8 | 3.7 | (1.8) | (1.6) | ||||||||||
| Inner Mongolia | 481.3 | 20.1 | 0.0 | 79.9 | 6.5 | (0.4) | (1.2) | (5.4) | ||||||||||
| Jiangsu | 530.2 | 6.5 | 0.2 | 93.3 | 5.6 | 3.7 | (2.4) | (2.3) | ||||||||||
| Jiangxi | 462.5 | 16.0 | 0.5 | 83.5 | 9.0 | 8.5 | 0.1 | 1.9 | ||||||||||
| Jilin | 361.1 | 8.1 | 0.8 | 91.2 | 7.9 | 5.9 | 1.2 | 0.5 | ||||||||||
| Liaoning | 397.7 | 2.2 | 0.0 | 97.8 | (0.2) | (2.5) | (7.4) | (4.2) | ||||||||||
| Ningbo | 153.7 | 20.7 | 38.5 | 40.8 | 9.5 | 7.2 | (11.9) | (19) | ||||||||||
| Ningxia | 151.9 | 13.4 | 0.3 | 86.4 | 13.8 | 14.7 | 2.8 | 2.5 | ||||||||||
| Qingdao | 114.2 | 10.7 | 13.4 | 75.9 | 8.6 | 3.9 | (11.0) | (16.8) | ||||||||||
| Qinghai | 188.1 | 2.0 | 0.5 | 97.5 | 14.4 | 9.7 | (9.7) | (2) | ||||||||||
| Shaanxi | 473.5 | 24.9 | 0.7 | 74.4 | 9.0 | 7.9 | (0.8) | 2.9 | ||||||||||
| Shandong | 489.0 | 5.2 | 1.4 | 93.5 | 2.2 | (0.9) | (4.8) | (5.4) | ||||||||||
| Shanghai | 653.7 | 60.2 | 12.1 | 27.7 | 15.1 | 16.9 | (0.2) | 5.0 | ||||||||||
| Shanxi | 366.1 | 28.5 | 0.7 | 70.8 | 8.4 | 9.3 | (1.9) | (0.1) | ||||||||||
| Shenzhen | 387.9 | 58.3 | 20.8 | 21.0 | 6.1 | (2.3) | (9.7) | (17.1) | ||||||||||
| Sichuan | 828.2 | 13.2 | 0.4 | 86.4 | 5.4 | 6.4 | (0.3) | 2.4 | ||||||||||
| Tianjin | 193.4 | 41.6 | 15.7 | 42.7 | 5.5 | 8.4 | (10.5) | (6.4) | ||||||||||
| Tibet | 259.8 | 1.2 | 0.0 | 98.8 | 14.8 | 14.0 | (0.6) | (0.7) | ||||||||||
| Xiamen | 121.2 | 53.8 | 30.4 | 15.8 | 6.5 | 6.7 | (23.0) | (27.3) | ||||||||||
| Xinjiang | 488.7 | 7.5 | 0.1 | 92.5 | 10.0 | 11.1 | (0.4) | 2.5 | ||||||||||
| Yunnan | 524.1 | 7.9 | 0.0 | 92.1 | 4.9 | 0.9 | (7.0) | (6.8) | ||||||||||
| Zhejiang | 438.0 | 9.3 | 0.1 | 90.6 | 3.0 | 3.5 | (2.5) | (1.1) | ||||||||||
| China tier-one LRG sector | 15,286.5 | 18.1 | 3.4 | 78.5 | 6.4 | 5.2 | (3.1) | (2.8) | ||||||||||
| Note: For data of Liaoning, Zhejiang, Shandong, Guangdong and Fujian, their data includes the cities with state-planning status. Please refer to our glossary for a definition of terms. Sources: Local governments' Bureau of Statistics, Wind, S&P Global Ratings. | ||||||||||||||||||
Table 3
| Local and regional government fiscal profile (whole LRG) | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tier-one LRGs | Adjusted total revenue | Revenue composition (2023)(%) | Operating balance as % of adjusted operating revenue | Balance after capital accounts as % of adjusted total revenue | ||||||||||||||
| 2023 (bil. RMB) | Own operating revenue | Own capital revenue | Transfer payments | 2021-2023 average | 2023 | 2021-2023 average | 2023 | |||||||||||
| Anhui | 1,068.0 | 37.9 | 20.6 | 41.5 | 14.4 | 19.1 | (19.4) | (20.9) | ||||||||||
| Beijing | 992.8 | 63.0 | 20.5 | 16.5 | 19.6 | 19.0 | (8.5) | (9.1) | ||||||||||
| Chongqing | 699.3 | 36.5 | 25.3 | 38.2 | 15.0 | 17.2 | (20.3) | (19.2) | ||||||||||
| Dalian | 121.1 | 62.0 | 0.0 | 38.0 | 18.6 | 20.7 | (12.1) | (10) | ||||||||||
| Fujian | 754.2 | 48.9 | 26.2 | 24.9 | 10.5 | 9.5 | (22.4) | (26.4) | ||||||||||
| Gansu | 478.3 | 21.0 | 0.0 | 79.0 | 30.1 | 25.1 | (19.9) | (16.1) | ||||||||||
| Guangdong | 2,166.3 | 65.8 | 18.9 | 15.3 | 6.6 | 8.6 | (23.0) | (25.6) | ||||||||||
| Guangxi | 687.3 | 27.2 | 11.5 | 61.2 | 17.3 | 18.4 | (13.8) | (11.4) | ||||||||||
| Guizhou | 835.2 | 25.4 | 26.8 | 47.8 | 19.6 | 21.2 | (6.9) | (2.9) | ||||||||||
| Hainan | 265.1 | 36.2 | 15.3 | 48.5 | 23.1 | 20.6 | (18.1) | (22.2) | ||||||||||
| Hebei | 1,158.3 | 38.6 | 17.7 | 43.7 | 18.3 | 20.1 | (19.7) | (17.7) | ||||||||||
| Heilongjiang | 631.1 | 22.8 | 1.7 | 75.5 | 30.0 | 31.1 | (6.2) | (2.9) | ||||||||||
| Henan | 1,245.5 | 37.5 | 14.2 | 48.2 | 19.0 | 16.9 | (15.2) | (18.6) | ||||||||||
| Hubei | 1,153.6 | 34.3 | 22.7 | 43.0 | 17.7 | 19.0 | (17.9) | (15.7) | ||||||||||
| Hunan | 1,110.7 | 31.2 | 22.6 | 46.1 | 16.1 | 17.3 | (18.5) | (19.9) | ||||||||||
| Inner Mongolia | 729.4 | 42.3 | 0.0 | 57.7 | 32.5 | 30.6 | (3.7) | (7.2) | ||||||||||
| Jiangsu | 2,304.5 | 44.5 | 43.3 | 12.1 | 10.2 | 10.6 | (11.6) | (13.1) | ||||||||||
| Jiangxi | 889.5 | 34.4 | 0.0 | 65.6 | 9.4 | 10.4 | (23.1) | (19.8) | ||||||||||
| Jilin | 487.8 | 22.9 | 11.2 | 65.9 | 24.2 | 24.7 | (20.7) | (17.6) | ||||||||||
| Liaoning | 677.6 | 40.6 | 0.0 | 59.4 | 15.9 | 14.7 | (12.3) | (16.1) | ||||||||||
| Ningbo | 295.4 | 61.9 | 29.1 | 9.0 | 15.2 | 12.4 | (15.5) | (22.2) | ||||||||||
| Ningxia | 189.7 | 27.4 | 4.4 | 68.2 | 36.4 | 36.9 | 2.6 | 0.1 | ||||||||||
| Qingdao | 222.3 | 63.3 | 20.8 | 16.0 | 16.0 | 14.5 | (21.1) | (25.1) | ||||||||||
| Qinghai | 218.8 | 18.0 | 2.7 | 79.4 | 31.4 | 31.6 | (6.5) | (6.7) | ||||||||||
| Shaanxi | 863.0 | 41.5 | 19.1 | 39.5 | 23.5 | 20.2 | (12.6) | (14.3) | ||||||||||
| Shandong | 1,637.4 | 47.7 | 27.9 | 24.3 | 11.5 | 10.1 | (23.4) | (28.2) | ||||||||||
| Shanghai | 1,324.7 | 64.1 | 24.9 | 11.1 | 25.8 | 25.2 | 1.0 | 2.9 | ||||||||||
| Shanxi | 651.9 | 53.4 | 0.0 | 46.6 | 23.1 | 13.5 | (11.7) | (18.2) | ||||||||||
| Shenzhen | 558.7 | 74.3 | 15.0 | 10.7 | 11.6 | 8.6 | (14.4) | (19.9) | ||||||||||
| Sichuan | 1,695.1 | 34.2 | 25.1 | 40.7 | 21.0 | 21.6 | (12.7) | (12.2) | ||||||||||
| Tianjin | 344.3 | 59.6 | 16.4 | 24.0 | 3.3 | 2.2 | (33.6) | (42.8) | ||||||||||
| Tibet | 282.4 | 8.4 | 0.0 | 91.6 | 42.6 | 37.7 | 4.3 | (4.2) | ||||||||||
| Xiamen | 174.1 | 54.1 | 38.3 | 7.6 | 6.7 | 4.9 | (18.7) | (22) | ||||||||||
| Xinjiang | 709.1 | 31.7 | 5.9 | 62.4 | 31.0 | 36.6 | (12.4) | (6) | ||||||||||
| Yunnan | 727.2 | 29.6 | 0.0 | 70.4 | 22.5 | 21.6 | (20.2) | (16.3) | ||||||||||
| Zhejiang | 1,897.9 | 47.1 | 42.3 | 10.6 | 4.3 | 1.7 | (16.5) | (19.4) | ||||||||||
| China LRG sector | 28,876.0 | 41.8 | 20.1 | 38.1 | 17.8 | 17.8 | (15.2) | (15.9) | ||||||||||
| Note: For data of Liaoning, Zhejiang, Shandong, Guangdong and Fujian, their data includes the cities with state-planning status. Please refer to our glossary for a definition of terms. Sources: Local governments' Bureau of Statistics, S&P Global Ratings. | ||||||||||||||||||
Table 4
| Local and regional government direct debt profile | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tier-one LRGs | LRG level | Whole LRG | ||||||||||||||||||||||
| 2023 direct debt (bil. RMB) | 2023 direct debt excluding onlending (bil. RMB) | 2023 direct debt % to GDP (%) | Direct debt % to adjusted operating revenue (%) | Direct debt excluding onlending % to adjusted operating revenue (%) | Direct debt % to adjusted operating revenue (%) | Direct debt % to adjusted total revenue (%) | ||||||||||||||||||
| 2021-2023 average | 2023 | 2021-2023 average | 2023 | 2021-2023 average | 2023 | 2021-2023 average | 2023 | |||||||||||||||||
| Anhui | 1,571.3 | 113.3 | 33.4 | 293.9 | 305.8 | 21.2 | 22.1 | 173.9 | 185.8 | 126.3 | 147.1 | |||||||||||||
| Beijing | 1,137.6 | 227.2 | 26.0 | 190.4 | 205.7 | 42.9 | 41.1 | 136.6 | 144.2 | 104.8 | 114.6 | |||||||||||||
| Chongqing | 1,225.8 | 327.5 | 40.7 | 304.8 | 334.0 | 87.1 | 89.2 | 217.0 | 239.5 | 154.2 | 175.3 | |||||||||||||
| Dalian | 289.8 | 143.7 | 33.1 | 373.2 | 396.6 | 184.0 | 196.7 | 256.1 | 272.4 | 216.7 | 239.4 | |||||||||||||
| Fujian | 1,381.1 | 25.2 | 25.4 | 521.2 | 557.7 | 9.5 | 10.2 | 225.4 | 249.3 | 152.3 | 183.1 | |||||||||||||
| Gansu | 710.7 | 212.3 | 59.9 | 165.9 | 189.4 | 52.4 | 56.6 | 137.8 | 161.5 | 130.4 | 148.6 | |||||||||||||
| Guangdong | 2,988.2 | 312.5 | 22.0 | 355.5 | 409.9 | 39.5 | 42.9 | 148.8 | 170.5 | 112.3 | 137.9 | |||||||||||||
| Guangxi | 1,155.2 | 308.8 | 42.5 | 229.7 | 249.0 | 65.6 | 66.6 | 175.8 | 191.2 | 144.6 | 168.1 | |||||||||||||
| Guizhou | 1,512.5 | 212.1 | 72.3 | 302.9 | 323.2 | 46.4 | 45.3 | 230.9 | 248.4 | 167.2 | 181.1 | |||||||||||||
| Hainan | 410.6 | 141.1 | 54.4 | 227.2 | 238.3 | 70.8 | 81.9 | 169.6 | 183.6 | 142.9 | 154.9 | |||||||||||||
| Hebei | 1,842.7 | 113.6 | 41.9 | 298.8 | 315.5 | 20.1 | 19.5 | 177.9 | 193.6 | 143.0 | 159.1 | |||||||||||||
| Heilongjiang | 849.7 | 96.8 | 53.5 | 159.2 | 163.4 | 19.1 | 18.6 | 132.6 | 137.3 | 128.1 | 134.6 | |||||||||||||
| Henan | 1,789.3 | 187.4 | 30.3 | 225.7 | 254.7 | 25.9 | 26.7 | 148.1 | 168.1 | 121.1 | 143.7 | |||||||||||||
| Hubei | 1,562.6 | 57.1 | 28.0 | 254.7 | 262.6 | 10.1 | 9.6 | 170.6 | 176.4 | 124.5 | 135.5 | |||||||||||||
| Hunan | 1,821.6 | 223.0 | 36.4 | 297.0 | 316.5 | 40.5 | 38.7 | 196.5 | 213.2 | 141.7 | 164.0 | |||||||||||||
| Inner Mongolia | 1,107.0 | 115.7 | 45.0 | 233.6 | 236.6 | 24.9 | 24.7 | 161.1 | 164.4 | 148.9 | 151.8 | |||||||||||||
| Jiangsu | 2,273.3 | 84.5 | 17.7 | 425.3 | 440.5 | 16.0 | 16.4 | 164.2 | 174.3 | 86.7 | 98.6 | |||||||||||||
| Jiangxi | 1,270.9 | 130.6 | 39.5 | 260.8 | 280.7 | 29.7 | 28.8 | 175.6 | 188.4 | 125.5 | 142.9 | |||||||||||||
| Jilin | 887.2 | 90.9 | 65.6 | 229.7 | 249.1 | 28.9 | 25.5 | 187.9 | 205.4 | 164.1 | 181.9 | |||||||||||||
| Liaoning | 1,287.1 | 67.4 | 42.6 | 304.6 | 326.5 | 17.4 | 17.1 | 186.9 | 204.0 | 168.8 | 189.9 | |||||||||||||
| Ningbo | 324.9 | 106.8 | 19.7 | 339.9 | 348.4 | 117.2 | 114.5 | 144.7 | 155.4 | 91.7 | 110.0 | |||||||||||||
| Ningxia | 224.4 | 67.1 | 42.2 | 149.7 | 148.6 | 42.3 | 44.4 | 124.5 | 124.2 | 116.2 | 118.3 | |||||||||||||
| Qingdao | 362.0 | 121.4 | 23.0 | 320.3 | 368.2 | 113.9 | 123.5 | 176.3 | 206.2 | 125.0 | 162.8 | |||||||||||||
| Qinghai | 333.7 | 192.7 | 87.8 | 305.0 | 179.3 | 184.4 | 103.6 | 155.5 | 157.4 | 146.8 | 152.5 | |||||||||||||
| Shaanxi | 1,085.5 | 210.0 | 32.1 | 221.9 | 232.0 | 44.7 | 44.9 | 146.6 | 155.9 | 115.9 | 125.8 | |||||||||||||
| Shandong | 2,752.1 | 202.5 | 29.9 | 502.2 | 575.9 | 39.4 | 42.4 | 199.8 | 234.1 | 133.5 | 168.1 | |||||||||||||
| Shanghai | 883.2 | 279.5 | 18.7 | 157.7 | 154.5 | 46.1 | 48.9 | 88.4 | 88.8 | 63.7 | 66.7 | |||||||||||||
| Shanxi | 708.3 | 148.5 | 27.6 | 177.0 | 196.4 | 37.6 | 41.2 | 109.4 | 120.1 | 97.3 | 108.6 | |||||||||||||
| Shenzhen | 269.2 | 90.5 | 7.8 | 66.0 | 87.8 | 22.0 | 29.5 | 44.3 | 56.8 | 36.4 | 48.2 | |||||||||||||
| Sichuan | 2,027.0 | 132.9 | 33.7 | 232.1 | 247.1 | 16.2 | 16.2 | 151.8 | 160.2 | 109.4 | 119.6 | |||||||||||||
| Tianjin | 1,111.8 | 308.6 | 66.4 | 613.1 | 684.3 | 173.0 | 189.9 | 340.3 | 386.9 | 274.8 | 322.9 | |||||||||||||
| Tibet | 68.2 | 12.4 | 28.5 | 23.7 | 26.4 | 4.2 | 4.8 | 22.1 | 24.6 | 21.7 | 24.1 | |||||||||||||
| Xiamen | 212.1 | 165.7 | 26.3 | 218.5 | 261.8 | 168.0 | 204.5 | 166.5 | 197.7 | 91.7 | 121.8 | |||||||||||||
| Xinjiang | 1,024.5 | 115.8 | 53.6 | 196.1 | 210.7 | 36.2 | 23.8 | 146.6 | 154.1 | 135.4 | 144.5 | |||||||||||||
| Yunnan | 1,444.1 | 311.0 | 48.1 | 249.3 | 281.0 | 57.1 | 60.5 | 194.2 | 219.1 | 174.0 | 198.6 | |||||||||||||
| Zhejiang | 2,288.6 | 109.8 | 27.7 | 523.9 | 527.3 | 26.4 | 25.3 | 194.3 | 209.6 | 101.1 | 120.6 | |||||||||||||
| China tier-one LRG sector | 40,735.7 | 5,766.1 | 30.5 | 268.5 | 289.1 | 38.9 | 39.5 | 165.3 | 180.9 | 122.6 | 141.1 | |||||||||||||
| Note: For data of Liaoning, Zhejiang, Shandong, Guangdong and Fujian, their data includes the cities with state-planning status. Please refer to our glossary for a definition of terms. Sources: Local governments' Bureau of Statistics, S&P Global Ratings. | ||||||||||||||||||||||||
Table 5
| Local and regional government adjusted debt profile | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tier-one LRGs | LRG level | Whole LRG | ||||||||||||||||
| 2023 non-FI SOE debt (bil. RMB) | 2023 LGFV debt (bil. RMB) | 2023 adjusted DB % (%) | 2023 adjusted DB % ex. on-lending (%) | 2023 non-FI SOE debt (bil. RMB) | 2023 LGFV debt (bil. RMB) | 2023 adjusted DB as % of GDP (%) | 2023 adjusted DB % (%) | |||||||||||
| Anhui | 656.5 | 16.7 | 298.5 | 24.4 | 2,500.7 | 1,607.7 | 34.2 | 281.8 | ||||||||||
| Beijing | 2,617.2 | 94.0 | 214.9 | 56.1 | 3,268.2 | 265.7 | 6.1 | 160.1 | ||||||||||
| Chongqing | 814.0 | 299.0 | 376.6 | 154.8 | 2,248.4 | 1,566.8 | 52.0 | 410.0 | ||||||||||
| Dalian | 10.7 | 6.8 | 394.8 | 200.3 | 44.0 | 40.0 | 4.6 | 279.5 | ||||||||||
| Fujian | 559.0 | 9.3 | 558.6 | 13.9 | 1,744.6 | 599.5 | 11.0 | 251.2 | ||||||||||
| Gansu | 756.7 | 89.2 | 172.5 | 65.0 | 910.4 | 221.8 | 18.7 | 167.8 | ||||||||||
| Guangdong | 1,039.7 | 117.1 | 424.1 | 58.7 | 4,093.9 | 733.2 | 5.4 | 182.5 | ||||||||||
| Guangxi | 1,106.6 | 11.1 | 235.4 | 64.6 | 1,750.4 | 480.9 | 17.7 | 235.1 | ||||||||||
| Guizhou | 715.5 | 308.2 | 344.0 | 98.3 | 1,526.1 | 1,110.3 | 53.1 | 324.0 | ||||||||||
| Hainan | 100.4 | 3.4 | 238.6 | 83.2 | 112.9 | 13.2 | 1.7 | 186.7 | ||||||||||
| Hebei | 1,200.4 | 0.0 | 315.5 | 19.5 | 1,873.8 | 452.4 | 10.3 | 224.1 | ||||||||||
| Heilongjiang | 45.6 | 0.0 | 163.4 | 18.6 | 156.6 | 94.9 | 6.0 | 149.8 | ||||||||||
| Henan | 1,226.9 | 210.8 | 264.5 | 52.7 | 2,773.8 | 1,180.6 | 20.0 | 233.1 | ||||||||||
| Hubei | 882.1 | 0.0 | 262.6 | 9.6 | 3,168.8 | 1,980.5 | 35.5 | 295.1 | ||||||||||
| Hunan | 720.2 | 40.8 | 306.9 | 43.5 | 2,888.2 | 1,925.8 | 38.5 | 322.5 | ||||||||||
| Inner Mongolia | 263.9 | 0.0 | 236.6 | 24.7 | 296.4 | 18.9 | 0.8 | 166.6 | ||||||||||
| Jiangsu | 521.7 | 0.0 | 440.5 | 16.4 | 10,023.9 | 7,812.8 | 60.9 | 455.4 | ||||||||||
| Jiangxi | 614.8 | 11.9 | 282.6 | 31.4 | 2,459.3 | 1,200.0 | 37.3 | 274.4 | ||||||||||
| Jilin | 209.2 | 0.4 | 249.2 | 25.6 | 550.6 | 164.7 | 12.2 | 233.0 | ||||||||||
| Liaoning | 48.0 | 0.0 | 326.5 | 17.1 | 150.1 | 47.8 | 1.6 | 207.2 | ||||||||||
| Ningbo | 311.0 | 4.9 | 352.5 | 119.4 | 1,045.5 | 605.8 | 36.8 | 347.6 | ||||||||||
| Ningxia | 35.1 | 0.0 | 148.6 | 44.4 | 62.5 | 26.2 | 4.9 | 136.1 | ||||||||||
| Qingdao | 639.5 | 435.4 | 504.9 | 352.6 | 1,360.8 | 816.8 | 51.8 | 401.2 | ||||||||||
| Qinghai | 55.9 | 0.0 | 179.3 | 103.6 | 85.8 | 29.9 | 7.9 | 168.9 | ||||||||||
| Shaanxi | 1,422.3 | 0.0 | 232.0 | 44.9 | 2,840.1 | 1,037.7 | 30.7 | 253.7 | ||||||||||
| Shandong | 1,904.4 | 0.0 | 575.9 | 42.4 | 4,552.1 | 1,779.5 | 19.3 | 285.2 | ||||||||||
| Shanghai | 1,113.7 | 367.3 | 183.2 | 94.7 | 1,800.6 | 455.9 | 9.7 | 117.7 | ||||||||||
| Shanxi | 1,675.8 | 67.4 | 186.3 | 51.9 | 1,897.7 | 217.0 | 8.4 | 139.2 | ||||||||||
| Shenzhen | 1,086.1 | 51.5 | 101.2 | 44.8 | 1,115.0 | 55.0 | 1.6 | 66.7 | ||||||||||
| Sichuan | 1,431.2 | 0.0 | 247.1 | 16.2 | 5,146.9 | 2,352.3 | 39.1 | 262.9 | ||||||||||
| Tianjin | 994.8 | 761.1 | 604.2 | 345.1 | 1,443.6 | 1,206.9 | 72.1 | 459.2 | ||||||||||
| Tibet | 12.6 | 0.0 | 26.4 | 4.8 | 62.4 | 49.8 | 20.8 | 41.2 | ||||||||||
| Xiamen | 683.9 | 0.0 | 261.8 | 204.5 | 705.6 | 0.0 | 0.0 | 197.7 | ||||||||||
| Xinjiang | 329.6 | 11.0 | 209.0 | 25.6 | 766.7 | 307.3 | 16.1 | 180.9 | ||||||||||
| Yunnan | 1,192.2 | 0.0 | 281.0 | 60.5 | 1,655.8 | 361.7 | 12.0 | 236.4 | ||||||||||
| Zhejiang | 781.3 | 13.8 | 479.5 | 25.7 | 7,214.8 | 4,986.2 | 60.4 | 452.6 | ||||||||||
| China tier-one LRG sector | 27,778.8 | 2,931.1 | 293.2 | 56.5 | 74,296.7 | 35,805.4 | 26.8 | 269.8 | ||||||||||
| Note: Please refer to our glossary for a definition of terms. Sources: Local governments' Bureau of Statistics, S&P Global Ratings. | ||||||||||||||||||
Table 6
| Local and regional government deposit and debt repayment (whole LRG) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tier-one LRGs | 2023 all deposit (bil. RMB) | 2023 fiscal deposit (bil. RMB) | 2025 debt repayment amount (bil. RMB) | 2023 all deposit as % 2025 of debt repayment (x) | 2023 fiscal deposit as % 2025 of debt repayment (x) | Listed SOE market capitalization* (bil. RMB) | ||||||||
| Anhui | 1,231 | 150 | 110 | 11.2 | 1.4 | 305 | ||||||||
| Beijing | 5,780 | 221 | 217 | 26.7 | 1.0 | 10,588 | ||||||||
| Chongqing | 719 | 137 | 103 | 7.0 | 1.3 | 73 | ||||||||
| Dalian | N.A. | N.A. | 30 | N.A. | N.A. | 8 | ||||||||
| Fujian | 943 | 96 | 68 | 13.9 | 1.4 | 302 | ||||||||
| Gansu | 439 | 58 | 38 | 11.6 | 1.5 | 32 | ||||||||
| Guangdong | 4,645 | 349 | 129 | 36.0 | 2.7 | 319 | ||||||||
| Guangxi | 591 | 52 | 66 | 9.0 | 0.8 | 30 | ||||||||
| Guizhou | 639 | 143 | 154 | 4.1 | 0.9 | 1,177 | ||||||||
| Hainan | 210 | N.A. | 38 | 5.5 | N.A. | 27 | ||||||||
| Hebei | 1,243 | 211 | 99 | 12.5 | 2.1 | 123 | ||||||||
| Heilongjiang | 590 | 139 | 56 | 10.5 | 2.5 | 15 | ||||||||
| Henan | N.A. | N.A. | 160 | N.A. | N.A. | 83 | ||||||||
| Hubei | 1,147 | 202 | 123 | 9.3 | 1.6 | 54 | ||||||||
| Hunan | 1,166 | 159 | 151 | 7.7 | 1.1 | 92 | ||||||||
| Inner Mongolia | 537 | 93 | 145 | 3.7 | 0.6 | 27 | ||||||||
| Jiangsu | 3,486 | 341 | 169 | 20.6 | 2.0 | 397 | ||||||||
| Jiangxi | 778 | 193 | 69 | 11.3 | 2.8 | 83 | ||||||||
| Jilin | 453 | 69 | 44 | 10.4 | 1.6 | 37 | ||||||||
| Liaoning | N.A. | N.A. | 103 | N.A. | N.A. | 15 | ||||||||
| Ningbo | 430 | 86 | 31 | 13.8 | 2.8 | 10 | ||||||||
| Ningxia | 193 | 57 | 21 | 9.2 | 2.7 | 4 | ||||||||
| Qingdao | 291 | 34 | 21 | 13.6 | 1.6 | 49 | ||||||||
| Qinghai | 210 | 85 | 27 | 7.8 | 3.1 | 47 | ||||||||
| Shaanxi | 748 | 1 | 80 | 9.4 | 0.0 | 326 | ||||||||
| Shandong | 1,538 | 138 | 68 | 22.8 | 2.0 | 465 | ||||||||
| Shanghai | 2,591 | 536 | 108 | 23.9 | 4.9 | 699 | ||||||||
| Shanxi | 644 | 122 | 55 | 11.7 | 2.2 | 334 | ||||||||
| Shenzhen | N.A. | N/A | 5 | N.A. | N.A. | 201 | ||||||||
| Sichuan | 1,902 | 224 | 129 | 14.7 | 1.7 | 301 | ||||||||
| Tianjin | 411 | 82 | 72 | 5.7 | 1.1 | 30 | ||||||||
| Tibet | 349 | 179 | 2 | 184.3 | 94.5 | 3 | ||||||||
| Xiamen | 187 | 7 | 5 | 37.7 | 1.5 | 42 | ||||||||
| Xinjiang | 709 | 162 | 17 | 42.2 | 9.6 | 38 | ||||||||
| Yunnan | 879 | 98 | 134 | 6.6 | 0.7 | 54 | ||||||||
| Zhejiang | N.A. | N/A | 112 | N.A. | N.A. | 396 | ||||||||
| China LRG sector | 35,677 | 4,423 | 2,957 | 12.1 | 1.5 | 16,786 | ||||||||
| Note: Please refer to our glossary for a definition of terms. *Data as of June 19, 2024. N.A.--Not available. Source: Local governments' Bureau of Statistics, WIND, S&P Global Ratings. | ||||||||||||||
Table 7
| Local and regional government's capacity to support the SOE sector | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tier-one LRGs | LRG level | Whole LRG | ||||||||||||||||
| 2023 SOE debt (bil. RMB) | 2023 SOE debt as % of LRG adjusted total revenues (%) | 2023 SOE leverage (x) | 2023 SOE cash coverage for short-term debt (x) | 2023 SOE debt (bil. RMB) | 2023 SOE debt as % of LRG adjusted total revenues (%) | 2023 SOE leverage (x) | 2023 SOE cash coverage for short-term debt (x) | |||||||||||
| Anhui | 656.5 | 126.1 | 7.5 | 1.9 | 2,500.7 | 234.2 | 17.3 | 1.2 | ||||||||||
| Beijing | 2,617.2 | 423.2 | 30.8 | 1.2 | 3,268.2 | 329.2 | 29.9 | 1.2 | ||||||||||
| Chongqing | 814.0 | 171.8 | 22.8 | 1.1 | 2,248.4 | 321.5 | 35.6 | 0.6 | ||||||||||
| Dalian | 10.7 | 13.1 | 82.1 | 1.6 | 44.0 | 36.3 | 17.5 | 0.8 | ||||||||||
| Fujian | 559.0 | 222.6 | 12.8 | 1.2 | 1,744.6 | 231.3 | 15.0 | 0.7 | ||||||||||
| Gansu | 756.7 | 193.8 | 46.2 | 0.8 | 910.4 | 190.3 | 53.1 | 0.7 | ||||||||||
| Guangdong | 1,039.7 | 140.6 | 19.2 | 1.6 | 4,093.9 | 189.0 | 28.0 | 1.3 | ||||||||||
| Guangxi | 1,106.6 | 235.4 | 44.1 | 1.1 | 1,750.4 | 254.7 | 45.5 | 0.8 | ||||||||||
| Guizhou | 715.5 | 145.3 | 39.5 | 0.6 | 1,526.1 | 182.7 | 40.1 | 0.4 | ||||||||||
| Hainan | 100.4 | 56.2 | 16.6 | 1.1 | 112.9 | 42.6 | 16.0 | 1.1 | ||||||||||
| Hebei | 1,200.4 | 204.3 | 12.1 | 0.4 | 1,873.8 | 161.8 | 16.2 | 0.4 | ||||||||||
| Heilongjiang | 45.6 | 8.7 | 20.5 | 0.5 | 156.6 | 24.8 | 31.8 | 1.1 | ||||||||||
| Henan | 1,226.9 | 172.3 | 22.3 | 0.7 | 2,773.8 | 222.7 | 30.0 | 0.5 | ||||||||||
| Hubei | 882.1 | 146.7 | 28.5 | 1.0 | 3,168.8 | 274.7 | 40.1 | 0.7 | ||||||||||
| Hunan | 720.2 | 123.7 | 30.2 | 2.9 | 2,888.2 | 260.0 | 45.8 | 0.7 | ||||||||||
| Inner Mongolia | 263.9 | 54.8 | 624.6 | 0.6 | 296.4 | 40.6 | 101.1 | 0.7 | ||||||||||
| Jiangsu | 521.7 | 98.4 | 11.4 | 1.3 | 10,023.9 | 435.0 | 42.0 | 0.6 | ||||||||||
| Jiangxi | 614.8 | 132.9 | 12.0 | 1.0 | 2,459.3 | 276.5 | 29.1 | 0.7 | ||||||||||
| Jilin | 209.2 | 57.9 | 16.1 | 1.4 | 550.6 | 112.9 | 14.6 | 0.7 | ||||||||||
| Liaoning | 48.0 | 12.1 | 109.0 | 1.7 | 150.1 | 22.1 | 27.2 | 1.2 | ||||||||||
| Ningbo | 311.0 | 202.4 | 166.6 | 0.6 | 1,045.5 | 353.9 | 76.1 | 0.4 | ||||||||||
| Ningxia | 35.1 | 23.1 | 9.0 | 1.3 | 62.5 | 32.9 | 12.5 | 1.0 | ||||||||||
| Qingdao | 639.5 | 560.1 | 20.4 | 0.5 | 1,360.8 | 612.0 | 31.0 | 0.4 | ||||||||||
| Qinghai | 55.9 | 29.7 | 2.8 | 1.0 | 85.8 | 39.2 | 4.2 | 0.8 | ||||||||||
| Shaanxi | 1,422.3 | 300.4 | 7.0 | 0.8 | 2,840.1 | 329.1 | 11.9 | 0.7 | ||||||||||
| Shandong | 1,904.4 | 389.5 | 10.7 | 0.9 | 4,552.1 | 278.0 | 14.9 | 0.6 | ||||||||||
| Shanghai | 1,113.7 | 170.4 | 12.3 | 2.2 | 1,800.6 | 135.9 | 15.4 | 1.9 | ||||||||||
| Shanxi | 1,675.8 | 457.8 | 8.0 | 0.8 | 1,897.7 | 291.1 | 8.7 | 0.8 | ||||||||||
| Shenzhen | 1,086.1 | 280.0 | 15.6 | 1.9 | 1,115.0 | 199.6 | 15.9 | 1.9 | ||||||||||
| Sichuan | 1,431.2 | 172.8 | 19.7 | 0.9 | 5,146.9 | 303.6 | 22.5 | 0.8 | ||||||||||
| Tianjin | 994.8 | 514.5 | 44.4 | 0.5 | 1,443.6 | 419.2 | 48.5 | 0.4 | ||||||||||
| Tibet | 12.6 | 4.9 | 17.9 | 1.0 | 62.4 | 22.1 | 27.3 | 0.5 | ||||||||||
| Xiamen | 683.9 | 564.2 | 17.8 | 1.3 | 705.6 | 405.4 | 18.2 | 1.3 | ||||||||||
| Xinjiang | 329.6 | 67.4 | 17.7 | 0.8 | 766.7 | 108.1 | 24.4 | 0.6 | ||||||||||
| Yunnan | 1,192.2 | 227.5 | 15.6 | 0.6 | 1,655.8 | 227.7 | 19.1 | 0.5 | ||||||||||
| Zhejiang | 781.3 | 178.4 | 8.7 | 2.2 | 7,214.8 | 380.1 | 33.2 | 0.7 | ||||||||||
| China tier-one LRG sector | 27,778.8 | 181.7 | 15.3 | 1.1 | 74,296.7 | 257.3 | 24.0 | 0.8 | ||||||||||
| Note: Please refer to our glossary for a definition of terms. Sources: Local governments' Bureau of Statistics, S&P Global Ratings. | ||||||||||||||||||
Glossary
Note on our data: We use preliminary budget data for 2023, while final budget data for 2022 and 2021. We estimate some missing data based on historical and sector trends for comparative purposes.
LRG: Local and regional government.
Tier-one LRGs: Provinces, autonomous regions, municipalities, and cities with state-planning status. Cities with state-planning status: Dalian, Qingdao, Ningbo, Xiamen, Shenzhen.
RMB: Chinese renminbi.
Bil. RMB: Billion of Chinese renminbi.
Investment growth: Fixed-asset investment year-over-year growth.
Adjusted total revenue: Sum of operating revenue, capital revenue, and transfer inflows.
Own operating revenue: Operating revenues (excluding transfers), by using data extracted from LRGs' general public budgets.
Own capital revenue: Capital revenues (excluding transfers), by using data extracted from LRGs' government-managed funds.
Transfer payments: Transfer payments from general public budgets and government-managed funds.
OB %: Operating balance as a percentage of adjusted operating revenue.
BACA %: Adjusted total revenue subtracted by adjusted total expenditure, as a percentage of adjusted total revenues.
Adjusted operating revenue: Own operating revenue plus transfer inflows from general public budgets.
Direct debt: Debts directly issued under the name of a given LRG.
Direct debt excluding onlending: LRG direct debt after deducting on-lent debt to lower tier governments.
Direct debt %: Direct debt, as a percentage of an LRG's total revenues (note- this ratio suggests a soft guidance by China authority and is irrelevant to S&P credit metrics.)
SOEs: State-owned enterprises. In this report, specific to nonfinancial institution state-owned enterprises controlled by LRGs; data extracted from Wind using issuers with outstanding onshore bond.
LGFVs: Local government financing vehicle, a subset of SOEs. In this report, SOE that are classified as LGFV by data provider Wind.
Adjusted DB: Adjusted debt burden; sum of direct debt and debt of LGFVs.
Adjusted DB ex. on-lending: LRG direct debt excluding on-lending and LGFV debt.
Consolidated operating revenues: LRGs' adjusted operating revenues, plus operating revenue of LGFVs.
Adjusted DB %: Adjusted DB, as a percentage of consolidated operating revenues of an LRG and those of LGFVs.
Adjusted DB % ex. on-lending: Adjusted DB excluding on-lending to lower-tier LRGs, as a percentage of operating revenues of an LRG and those of LGFVs.
Fiscal deposit: Cash reserves of LRGs in the same region used to meet LRGs' coming fiscal activities.
All deposits: Fiscal deposits of LRGs in the same region, also incorporating deposits under government institutions--usually nongovernment divisions.
SOE leverage: Aggregated debt of SOEs divided by aggregated EBITDA of SOEs.
SOE cash coverage for short-term debt: SOEs' cash and short-term securities measured against their short-term debt.
Related Criteria
Related Research
- China Tier-Two Local Government Risk Indicators Chartbook, Dec. 4, 2023
- China Tier-Two Local Government Risk Indicators Databook, Dec. 4, 2023
- Institutional Framework Assessment: China Provincial Governments' Capital-Light Framework To Support Fiscal Positions, Aug. 10, 2023
- China Tier-One Local Government Risk Indicators Chartbook, July 24, 2023
- China Tier-One Local Government Risk Indicators Databook, July 24, 2023
This report does not constitute a rating action.
| Primary Credit Analyst: | Lorraine Liu, Hong Kong +852 2532 8001; lorraine.liu2@spglobal.com |
| Secondary Contact: | Wenyin Huang, Singapore +65 6216 1052; Wenyin.Huang@spglobal.com |
| Research Assistants: | Chen Guo, Hong Kong |
| Zilu Yang, HANGZHOU |
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