How to apply for pilot counties of the Ministry of Finance

Only when the financial resources are generally weak and the debt burden is heavy can we apply for the county pilot counties determined by the Ministry of Finance.

More than half of the counties' general public budget revenue and government fund revenue are less than 654.38+0.5 billion. Moreover, the debt ratio ((balance of local government debt+interest-bearing debt invested by issuing cities)/(general public budget income+government fund income)) is generally high, with 50% exceeding 400%.

We sorted out the list of urban investment in the pilot counties, and found that most of them had weak qualifications. There are 26 urban investment platforms in the pilot counties, and there are 30 urban investment platforms in Danyang City and Dantu District of Jiangsu Province. The main ratings are low, which are 18 AA and 8 AA- respectively. Moreover, the implied rating is mainly AA- and below, accounting for 83%. Judging from the weighted average valuation of the balance, except Ningxiang Urban Construction Investment Group and Zhenjiang Dantu District Construction Investment Co., Ltd., which are below 5%, the other urban investment is at a higher level of above 5.5% (inclusive).

By manually searching the financial budget and final accounts reports and government work reports of Lika counties in Hunan, Guizhou, Yunnan, Liaoning, Inner Mongolia and Gansu in 20 19, it was found that 35 Lika counties with files were included in the pilot project of implicit debt resolution. 9 in Liaoning, Hunan, 8 in Inner Mongolia, 5 in Guizhou, 3 in Yunnan and Gansu 1. Among them, 15 organic counties have urban investment bonds, which are concentrated in Hunan (7) and Liaoning (4).