在线一本码道高清

Local Government Bond Announcement: 2020 Shenzhen Municipal (Special Grade) Sewage Treatment Special Bonds (Phase 1)-2020 Shenzhen Municipal Government Special Bonds (Phase 3) Credit Rating Report

Time: January 9, 2020 14:16:04 China Finance
Original Title: Announcement of Local Government Bonds: 2020 Shenzhen Municipal (Special Grade) Sewage Treatment Special Bonds (Phase 1)-Shenzhen Municipal Government Special Bonds (Phase 3) Credit Rating Report








20
20
Shenzhen (this level) special sewage treatment bond (Phase I)


-
20
20
Shenzhen Municipal Government Special Bonds (
Three phases)


Credit Rating Report
























































Shanghai New Century Credit Rating Investment Service Co., Ltd.


Shanghai Brilliance Credit Rating & Investors Service Co., Ltd.


Overview





Number: [New Century Debt Review (
201
9
)
01
1647



Bond name


Bond grade


20
20
Shenzhen (this level) sewage special bonds (Phase I)
-
20
20
Shenzhen Municipal Government Special Bonds (
Three phases)


AAA



















Bonds and issuers profile


Overview of the current bond:


Issuer:


Shenzhen Municipal People's Government


Issue scale:


1.40
100 million yuan


Bond maturity:


15
year


Repayment method:


Interest paid on a half-year basis


Use of raised funds:


Honghu Water Purification Plant Phase I Project


Source of debt service funds:


Sewage treatment charges and VAT refund


Project estimated funding coverage


1.
2
6
Times


Shenzhen data and indicators


2016
year


2017
year


201
8
year


GDP
[
Ten billion yuan
]


200.80


2
24.90


242.22


Regional GDP growth
[%]


9.
1


8.
8


7.6


GDP per capita
[
Ten thousand yuan
]


17.25


18.35


18.96


General public budget revenue
[
100 million yuan
]


3136.49


3332.13


3538.4
4


Of which: City-level general public budget revenue
[
100 million yuan
]


1995.95


2086.76


2190.1
3


Tax ratio
[
%
]


79.35


79.68


81.95


General Public Budget Self-Sufficiency
[
%
]


74.48


72.54


82.62


Higher subsidy income (general public budget)
[
100 million yuan
]


232.42


290.95


286.81


Government Fund Budget Revenue
[
100 million yuan
]


966.4
0


1029.95


964.64


Of which: Budget revenue of municipal government funds
[
100 million yuan
]


956.02


1026.50


962.53


Municipal government debt balance
[
100 million yuan
]


129.78


118.78


146.27


Of which: government debt
[
100 million yuan
]


127.95


117.24


145.92


Municipal government debt balance
[
100 million yuan
]


98
.91


105
.
07


94.27


Of which: government debt
[
100 million yuan
]


97.08


103.53


93.92




Note:
Economic data from "
2018
Shenzhen Statistical Yearbook,
"
2018
Statistical Communique of Shenzhen Municipality on National Economic and Social Development
; Finance and debt data are provided by Shenzhen Finance Bureau.









Analyst





Wang Jingru
wjr
@ shxsj.com


Guo Yan
gy
@ shxsj.com


Wu Mengqi
wmq@shxsj.com


Tel
:
(021) 6350134
9 Fax
: (021) 63500872





Hankou Road, Shanghai
398
Huasheng Building
14F


http://www.shxsj.com
































Rating perspective





The funds raised in the current bond are intended to be used for the first phase of Shenzhen Honghu Water Purification Plant. The debt repayment funds will come from sewage treatment charges and VAT refund. According to the project specific bond implementation plan,
to
20
3
5
After the project plans to issue the last bond to repay the principal and interest,
Project accumulated balance cash
1.82
100 million yuan,
It is expected that the cash flow from repayable bonds will cover the principal and interest of bonds.

. The current bond income, expenditures, principal and interest payments are included in the budget management of the Shenzhen Government Fund, and the degree of repayment guarantee is high.

Shenzhen has excellent location conditions and policy environment, and its economic scale ranks among the top cities in the Mainland. Shenzhen's economic growth is mainly driven by final consumption. At present, high-tech, financial,
The pillar industries such as logistics and cultural industries, and the strategic emerging industries' role in the engine of economic growth are becoming increasingly prominent. The industry has a competitive advantage and has strong economic growth potential.

Shenzhen has strong local comprehensive financial resources. In recent years, the general public budget revenue has maintained a rapid growth. The scale of comprehensive financial resources has been increasing year by year.
Financial stability is better. The budget revenue of Shenzhen government funds has remained stable,
Form a certain complement to local financial resources. Shenzhen's fiscal balance is strong, and its dependence on superior subsidies is low.

. 2018
For years,
With the issuance of local government bonds,
The scale of Shenzhen government debt has increased, but it remains low.
Light government debt.

In recent years, Shenzhen's fiscal and taxation systems and debt management and control mechanism have been continuously improved, and the reform of the administrative approval system has been continuously deepened. The government's operating efficiency and service capabilities have continued to improve, government information disclosure has continued to advance, government information transparency is high, and local government management is in good condition.

There is some uncertainty in the construction progress, construction quality, and completion time of the bond investment projects in this period. If the construction of the investment project is not completed on schedule, it will affect the collection of debt service funds for the current period.

The debt repayment funds of the current bond mainly come from the corresponding investment projects.



statement


The rating agency
2020
Shenzhen (this level) special sewage treatment bond (Phase I)
-
2020
Shenzhen Municipal Government Special Bonds (three issues)
'S credit rating is stated as follows:


The credit rating of the current bond is based on the conclusion that the rating agency and the rating analyst have performed due diligence.
According to the Notice of the Ministry of Finance on Printing and Distributing the Interim Measures for the Administration of Issuance of Special Bonds by Local Governments
[2015] 83
number),
Ministry of Finance
Notice on Special Bond Varieties of Local Governments for the Balance of Pilot Development Project Revenue and Self-financing (Financial Forecast
[2017] 89
number)
2. Opinions of the Ministry of Finance on Doing a Good Job in Issuing Local Government Bonds (Treasury
[2019] 23
number)
And other relevant regulations, as well as independent judgments made by the agency's local government bond credit rating standards and procedures.

The rating method based on this rating is the New Century Rating "China Local Government Bond Credit Rating Method"
,
The rating method can be found on the official website of New Century Ratings.



There is no independent, objective, and fair relationship between the rating agency and the local government bond credit rating analyst and the debtor other than the entrusted relationship of this credit rating event, which affects the rating behavior. It is an honest, objective, and fair relationship. Principle to ensure that the rating report issued is objective, fair, accurate and timely.



The credit rating and subsequent tracking ratings of this rating agency are based on information provided by local governments, and local governments are responsible for the legality, authenticity, completeness, and accuracy of the information they provide.



In view of the timeliness of credit ratings, the rating agency will follow up on local government bonds.

During the validity period of the credit rating, the local government should provide relevant information to the rating agency in a timely manner when major changes occur in the financial and local economic external operating environment. The rating agency will follow-up the rating in accordance with the relevant rating business specifications and retain the changes. And the right to announce credit ratings.



The conclusion of the local government bond credit rating is not a recommendation to guide investors to buy or sell various financial products issued by the local government, and to provide creditors with credit, loans or credit sales to the local government.
Nor is it a corresponding comment on the pricing of financial products or debts related to local governments.



Relevant content and digital analysis involved in this rating report are sensitive commercial materials, and their copyright belongs to this rating agency. They must not be modified, copied, reproduced, distributed, sold or transmitted in any way without authorization.




20
20
Shenzhen (this level) special sewage treatment bond (Phase I)


-
2
020
Shenzhen Municipal Government Special Bonds (
Three phases)


Credit Rating Report


Paraphrase


New Century Ratings, or this rating agency:
Shanghai New Century Credit Rating Investment Service Co., Ltd.


Current bonds:
2020
Shenzhen (this level) special sewage treatment bond (Phase I)
-
2020
Shenzhen Municipal Government Special Bonds (three issues)


I. Bond Overview


(I) Main provisions


The Shenzhen Municipal People's Government plans to issue special sewage treatment bonds, which will be issued in two phases. The total planned issuance is
5.00
100 million yuan,
Has been
2018
year
9
Monthly release
3.60
100 million yuan
15
Fixed-year interest-bearing interest-bearing debt,
2018
Shenzhen Municipal Sewage Treatment Special Bonds (Phase I)
-
2
018
Shenzhen Municipal Government Special Bonds (second phase)
"

(Bond abbreviation:
1
8
Shenzhen debt
0
4
)
,
Coupon rate
4.33%
.

Total Issuance of Bond Plans
1.40
100 million yuan,
Bond maturity
15
year,
Interest is paid on a half-year basis and the principal is paid in installments.
3
-
14
At the end of each interest-bearing year,
Repayment of principal of bonds separately
7.50
%
At the end of the bond's duration
15
Repayment of the principal of the bond at the end of each interest-bearing year
10.00%
.

After the bonds are issued, they can be listed and traded on the national interbank bond market and the stock exchange market in accordance with regulations.



Figure 1. Overview of the bond


Bond name:


2020
Shenzhen (this level) special sewage treatment bond (Phase I)
-
2020
Shenzhen Municipal Government Special Bonds (three issues)


Issue scale:


RMB
1.40
100 million yuan


Bond maturity:


15
annual


Bond interest rate:


Fixed interest rate


Interest payment method:


Interest paid on a half-year basis,
During the duration of the bond
3
-
14
At the end of each interest-bearing year,
7.50%
At the end of the bond's duration
15
Repayment of the principal of the bond at the end of each interest-bearing year
10.00%
.



Upgrade arrangements:


no




source:
Shenzhen Finance Bureau,
New Century Rating



(2) Use of raised funds and debt repayment arrangements


This bond is a new bond, and the funds raised are intended to be used specifically for the first phase of the Shenzhen Honghu Water Purification Plant (hereinafter referred to as the "Honghu Purification Plant Project", "the project" or "fundraising project").

The debt repayment funds of the current period are derived from the wastewater treatment charges and VAT refunds generated by the project.

The current bond debt income, arranged expenditures, repayment of principal and interest, and issuance expenses are included in the budget management of the Shenzhen Municipal Government Fund.



Analysis of bond repayment guarantee


(I) Overview of investment projects with raised funds


The Honghu Purification Plant project is located at the northern end of Honghu Park, Sungang Street, Luohu District, Shenzhen.
The south side of Nigang East Road,
Area
3.24
10,000 square meters; design processing scale recently
5
Million cubic meters
/
day,
Forward
10
Million cubic meters
/
day. The construction content of the project is mainly the structures, buildings, pipelines, process installation, equipment purchase, instrumentation, electrical, automation control, etc. of the sewage treatment plant. The project construction period is
2
year,
Planned for
2020
year
3
Completion acceptance at the end of the month.

Honghu Purification Plant Project
group)
Limited company
1 (hereinafter referred to as "
Water Group ").



1
Water Group is a comprehensive water service provider controlled by the State-owned Assets Supervision and Administration Commission of the Shenzhen Municipal People's Government.
99.85%
Water supply business and the original special zone
100%
Sewage treatment business.



2
18
Shenzhen debt
04
It also adopts the method of fractional return,
During the duration of the bond
3
Up to
14
At the end of each interest-bearing year,
7.50%
Repay the principal of the bond in equal amounts,
1
5
The remaining principal of the bonds will be repaid at the end of each interest-bearing year.



according to"
2020
Shenzhen (this level) special sewage treatment bond (Phase I)
-
2020
Shenzhen Municipal Government Special Bonds (Three Phases) Implementation Plan "(hereinafter referred to as the" Special Bond Implementation Plan "),
The estimated total investment of Honghu purification plant project is
6
.
44
100 million yuan, including engineering costs, basic reserve costs,
Interest and floor capital during construction. After preliminary determination, the capital investment of the project is
1.
44
100 million yuan, the proportion of total investment is
2
2.34
%
,
Remaining funds
5
.00
100 million yuan is planned to be raised through the issuance of special bonds,
Has been
2018
Issuance of special bonds
3.60
100 million yuan.



Figure 2. Special bond issuance plan for Honghu purification plant project


project


2018
year
2


20
20
year


Issuance quota (100 million yuan)

3.60


1.40


Issue period (year)

15


15




source:
Special bond implementation plan


(2) External environment and project feasibility analysis


With the improvement of our national environmental awareness,
Residents have raised requirements for quality of life and environment



At the same time, driven by related policies, the input demand for sewage treatment is increasing.

2015
year
4
In January, the State Council issued the Action Plan for the Prevention and Control of Water Pollution.
2020
In this year, the country ’s water environment quality has been gradually improved, severely polluted water bodies have been greatly reduced, drinking water safety levels have continued to increase, groundwater over-exploitation has been strictly controlled, groundwater pollution has been initially curbed, and the environmental quality of coastal waters has stabilized OK, the aquatic environmental conditions in the Beijing-Tianjin-Hebei, Yangtze River Delta , and Pearl River Delta regions have improved;
to
2030
In the year, we strive for the overall improvement of the quality of the water environment in the country and the preliminary restoration of the functions of the water ecosystem; by the middle of this century, the quality of the ecological environment has improved comprehensively and the ecosystem has achieved a virtuous cycle.



The Shenzhen Municipal Government has always attached great importance to environmental protection and protection of water resources. According to the "Thirteenth Five-Year Plan" for Shenzhen Water Development,
During the Twelfth Five-Year Plan period,
Shenzhen has completed new,
Expansion
17
Sewage treatment plant, increase sewage treatment capacity
213
Million cubic meters
/
Days; new supporting branch pipes and sewage interceptors along rivers
1402
Kilometers; built sludge disposal facilities
4
Block, daily processing capacity
1830
Ton;
The water quality of major rivers is improving. According to the Shenzhen Municipal Water Quality Improvement Work Plan (
2015
-
2020
Year) ", during the" Thirteenth Five-Year Plan "period, Shenzhen plans to invest
152
100 million yuan, new,
Expansion of Honghu, Baguang, Manhole, Songgang, etc.
19
Wastewater treatment plant;
twenty four
Sewage treatment plant to upgrade the standard to make the effluent standard reach the first level
A
Surface water
IV
class.



Figure 3. 201
2
-
20
1
7
Shenzhen Municipal Sewage Treatment





source:
2
018
Shenzhen Statistical Yearbook,
New Century Rating


Honghu Water Quality Purification Plant is located to the east of Qingshui River and Sungang Area in the east of the city. It is located in the upper reaches of the city. After completion, the sewage does not need to be transported over long distances, which can significantly reduce the downstream pipe load.
lower the cost. In addition,
After the completion of the Honghu Water Purification Plant, the riverside,
The operating load of Luofang Sewage Plant improves the quality of the effluent water; the sewage in the area can be deployed between the three sewage plants, and the reliability of sewage treatment will increase.

Generally speaking, the implementation of fund-raising projects will help alleviate the overload of downstream pipeline networks.
Reduce the operating load of Binhe and Luofang Sewage Plants,
Saving energy for sewage transportation and transformation costs, meanwhile, it is of great significance to realize circular economy, sewage resource utilization and implement urban development strategy.




(3) Analysis of sources of debt service funds


According to the special bond implementation plan, the estimated operating income of the investment project is derived from sewage treatment fees and other income.

Calculated on the basis of maintaining the project's daily operation and maintenance costs based on the principle of low cost and profit. Factors such as resource prices, investment in engineering construction, operating costs and expenses, investment in maintenance operations, taxation, and profits are taken into account when forecasting charges.

According to the "Shenzhen Sewage Treatment Fee Collection and Management Measures" (Shenfu
[
2006
]
92
No.) It is estimated that the sewage treatment revenue is composed of three parts: the total cost of sewage treatment, reasonable profit and taxes.
Tax-free income
=
cost
+
profit
+
VAT surcharge
-
Tax refund.

Other income is VAT refund income,
according to"
Catalogue of Preferential Value-added Tax for Comprehensive Utilization of Resources and Services
(Finance and tax
[2015] 78
No.) stipulates that sewage treatment labor
2015
year
7
month
1
Increase VAT from now on, tax rate
16%
,
VAT rate from
2019
year
4
Update to
13%
,
Refundable after paying taxes
70%
, That is, other income
=
(VAT payable (output tax)
-
VAT payable (input tax))
* 70%
.

During the duration of the proposed special bonds (i.e.
2018
-
203
5
year,
Same below),
The project is expected to achieve a total cash inflow of
1
5.83
100 million yuan.



Table 4. Cash inflow forecast of Honghu Water Purification Plant during the duration of the project's special bonds (Unit: 10,000 yuan)
3


3
Adding totals is not the same as totals. The rounding is due to rounding.



years

Sewage treatment charges

VAT refund

Total cash inflows

2020

8057


-


8057


2021

10886


-


10886


2022

10798


-


10798


2023

10660


-


10660


2024

10522


-


10522


2025

10083


321


10405


2026

9729


553


10283


2027

9603


543


10147


2028

9479


533


10012


2029

9355


523


9878


2030

9232


513


9745


2031

9110


504


9614


2032

8990


494


9484


2033

8860


483


9344


2034

8742


474


9216


2035

8732


473


9205


total

152838


5414


15825
6




source:
Special bond implementation plan,
New Century Rating


During the operation period of the Honghu Purification Plant project, the cost and expenses mainly include electricity, pharmaceuticals, wages and benefits, maintenance costs, enterprise management costs, and other expenses; the taxes and fees involved include urban land use tax, value added tax, urban construction and education surcharges, and corporate income tax .




Table 5. Table of operating costs of Honghu Water Purification Plant (Unit: 10,000 yuan)
4


4
According to the special bond implementation plan, the data in the table is the average value of various expenses during the calculation period.



5
In this report, the capital coverage rate = the project's accumulated cash balance at the end of the project's special bonds / the total debt repayments of the special bonds +1.



years

name

Annual cost

1

Electricity bill


1009


2

Pharmacy fee


586


3

Wages and benefits


123


4

Depreciation charge


2
452


5

Repair fee


1226


6

Other management costs


5
35


7

Urban land use tax


29


8

Interest expense


878




source:
Special bond implementation plan,
New Century Rating


The project intends to issue special bonds to meet part of the project's investment needs,
Released
3
.60
RMB 100 million special bonds
4
.33%
Measure,
The coupon rate of the current bond is in accordance with
4
.
50
%
Measure,
Comprehensive consideration of bond repayment,
The capital investment of the project, the income and operating costs of the Honghu water purification plant, etc.,
20
3
5
Year), after repaying the principal and interest of the bond, the project cash balance
1.
8
2
100 million yuan, the cash inflow of the project during the bond duration can fully cover the amount of debt repayment of the current year's bond
5 for
1
.
2
6
Times,
The degree of protection is high.



Table 6. Cash flow simulation calculation results of investment projects in the duration of special bonds (Unit: 10,000 yuan)


years

Capital inflow

Bond capital inflows

Project construction expenditure

Operating cash inflows

Cash out during operation

Debt repayment expenses

Bond interest expense

Paying for bond issuance

Cumulative cash balance at the end of the period

2018

6000


36000


-
4859


-


-


-


-


-
36


37105


2019

2000


-


-
31267


-


-


-


-
1559


-


6279


2020

6381


14000


-
22741


8057


-
2898


-


-
1874


-
14


7190


2021

-


-


-
500


10886


-
3998


-
2700


-
2189


-


8689


2022

-


-


-
2338


10798


-
4008


-
2700


-
2072


-


8369


2023

-


-


-


10660


-
4018


-
3750


-
1931


-


9330


2024

-


-


-


10522


-
4028


-
3750


-
1767


-


10306


2025

-


-


-


10405


-
4553


-
3750


-
1603


-


10804


2026

-


-


-


10283


-
4935


-
3750


-
1439


-


10963


2027

-


-


-


10147


-
4930


-
3750


-
1275


-


11155


2028

-


-


-


10012


-
4925


-
3750


-
1111


-


11381


2029

-


-


-


9878


-
4921


-
3750


-
946


-


11641


2030

-


-


-


9745


-
4917


-
3750


-
782


-


11938


2031

-


-


-


9614


-
4913


-
3750


-
618


-


12270


2032

-


-


-


9484


-
4910


-
3750


-
454


-


12640


2033

-


-


-


9344


-
4906


-
4650


-
290


-


12137


2034

-


-


-


9216


-
4904


-
1050


-
87


-


15313


2035

-


-


-


9205


-
4916


-
1400


-
32


-


18171


total

14381


50000


-
61705


158256


-
72680


-
50000


-
20029


-
50


-




source:
Special bond implementation plan,
New Century Rating



(IV) Risk analysis of fundraising projects


Risk analysis during construction


In terms of construction, the construction progress of the first phase of the Honghu Water Purification Plant is susceptible to factors such as the level of detail of the survey data, the stability of the design plan, the construction technology and management level, and other factors. Reduced earnings.

During the construction of the project, if an engineering accident occurs due to geological conditions or improper construction or poor management, it will also have a greater impact and loss on the project construction. And the sewage treatment plant construction standards are relatively high, if it does not reach the expected level after completion,
Will affect the actual scale and quality of sewage treatment,
This will reduce the project's net income.

However, taking into account the rich experience of the implementation subject of the fund-raising investment project and the high degree of cooperation between the relevant government departments on the project construction, the project construction and construction risks are generally controllable.



In terms of financial risks, the Honghu Water Quality Purification Plant Project is a public welfare project. The construction of the project is of great significance for reducing the operating load of Binhe and Luofang sewage plants, improving the quality of sewage treatment, and improving the reliability of sewage treatment in the area.
Can get strong support from the local government. The estimated total investment for this project is
6.
44
100 million yuan, the initial determined capital investment is
1.
44
100 million yuan, the proportion of total investment is
2
2.34
%
,
The remaining funds are issued
5.00
Raised 100 million yuan of special bonds, the source of project funds is more secure. Taking into account the relatively low financing cost of local government bonds, the financial burden of the project can be reduced to a certain extent.



2. Risk analysis during operation period


The debt repayment fund of this period is derived from the sewage treatment fees and VAT refunds generated by the sewage treatment business. This part of the income is greatly affected by factors such as the actual sewage treatment scale and the adjustment of sewage treatment fee policies.

If the actual sewage treatment scale or unit price of sewage treatment charges is far from expected, it will have a certain negative impact on debt service funds.

At the same time, if the operating costs such as electricity, maintenance and labor costs exceed the predicted value, it will also affect the overall project revenue.

The new century rating is based on the risk analysis of the operation period of the investment project.
Assumptions are made on the stress test scenario of the cash flow of bond repayments in the current period. The following mainly considers scenarios where operating income does not meet expectations.



Operating income falls short of expectations
6,
As shown in the table below, operating income has fallen more than expected
10
%
In the scenario, to
203
5
When this year's bonds mature, the project still has a certain cash balance.

Overall,
The project can withstand some downward pressure on operating income.



6
The impact of income changes on related taxes and fees is not considered in this report.




Table 7. Accumulated cash balance at the end of the project under the scenario of operating income decline (Unit: 100 million yuan, times)


Bond duration


Original cash balance


Income decline
5
%
Rear


Income decline
8
%
Rear


Income decline
10
%
Rear


203
5
year


1.82


1.03

0.55

0
.twenty three


Fund coverage


1.26

1.15

1
.08


1
.03




source:
New Century Rating Arrangement and Calculation


Generally speaking, the cash inflows generated by the investment projects have a good coverage of the project's cash expenditures and the principal and interest of bond financing, and can withstand the pressure of income decline to a certain extent. Bond income, expenses,
Repayment of principal and interest is included in the budget management of Shenzhen Government Funds


3. Credit quality analysis of Shenzhen Municipal Government


(I) Shenzhen's economic strength


Shenzhen has a superior location and advantages in policy resources , and its economic development is steadily in the forefront of large and medium-sized cities in the country. The city's economic growth is mainly driven by final consumption, supplemented by net exports and fixed asset investment, and its economic development momentum is relatively balanced. In recent years, the city has promoted industrial upgrading through innovation, and the pillar industries have obvious competitive advantages. The role of the main engine of strategic emerging industries has continued to increase, and the economic growth is sufficient.



Shenzhen is the first special economic zone established since China's reform and opening up.
Also our country
5
One of the planned cities, located in the southern part of Guangdong Province, facing Daya Bay in the east, adjacent to the Pearl River Estuary in the west, bordering with Dongguan and Huizhou in the north, and separated by Hong Kong Special Administrative Region in the south, it is the central city of the Pearl River Delta region. Excellent location. At present, the city's land area is
1997.47
Square kilometers, under the jurisdiction of Futian District, Luohu District, Yantian District, Nanshan District, Baoan District, Longgang District, Longhua District,
Pingshan District,
Guangming District, Dapeng New District, etc.
10
Districts
/
Ribbon.

1980
In 2006, Shenzhen was approved to set up a special economic zone;
1988
In 2015, Shenzhen began to implement a separate plan and has provincial financial management authority;
1992
In 1997, the Standing Committee of the National People's Congress granted Shenzhen the power to make local laws and regulations;
20
10
year,
The scope of Shenzhen Special Economic Zone extends to the whole city. Overall, Shenzhen has dual status as a special economic zone and a city with a single plan.
It has a prominent position in China's politics and economy.



Shenzhen is a typical immigrant city.
The population structure is relatively young,
Abundant labor resources;
The industrial agglomeration and headquarters economy have significant effects, and the regional population introduction ability is strong. according to"
2016
Annual Shenzhen Gender Statistics Report,
As of
201
6
At the end of the year,
The city's total resident population is
1190.84
Million people, of which
1
8
-
64
Population
81.1
%
,
65
Population aged 15 years and over
3.3
%
, Lower than the country
10.8%
The average level of government spending on pensions and medical security is relatively light.

201
8
At the end of the year, the city's resident population increased from the end of the previous year
4.0
%
to
1302.66
Ten thousand people, of which the proportion of registered population
34.
9
%
.




Shenzhen is an important comprehensive transportation hub and border port in China.
Road traffic,
Rail,
The aviation and shipping system has a high level of development.

In terms of highways, the long-distance passenger routes departing from Shenzhen currently cover cities and counties in Guangdong Province.
20
Many provinces, cities and Hong Kong and Macau Special Administrative Regions. For railways,
The national medium and long-term railway network plan has identified Shenzhen as a national railway hub city.
The Shenzhen area has basically formed a double cross structure with the Xiamen-Shenzhen Railway as the horizontal axis and the Beijing-Guangzhou-Shenzhen-Hong Kong Passenger Dedicated Line and the Guangzhou-Shenzhen Railway as the vertical axis. The railway line basically covers major cities in South China, North China and the southeast coast.

As for urban rail transit, as of
201
8
At the end of the year, Shenzhen has opened
9
Rail transit lines, operating mileage has been formed
296.72
Kilometers, covering the urban rail transit operation network of Shenzhen's main development axis. In terms of aviation, Shenzhen Baoan Airport is the fourth largest airport in China.
At the same time, it is also the first modern international airport in China to achieve sea, land and air transport. In terms of shipping, Shenzhen Port currently has Shekou, Fuyong, Yantian, etc.
10
Multiple shipping terminals,
201
8
The annual container throughput of Hong Kong is
2573.59
10,000 TEUs, year-on-year growth
2.1
%
.



Thanks to innovation-driven industrial transformation and upgrading, Shenzhen's economy has maintained high quality growth in recent years.
The level of economic development steadily ranks at the forefront of large and medium cities in the country.

201
6
-
2018
Shenzhen's regional GDP
2.01
Trillion yuan,
2.25
Trillion yuan and
2.42
Trillion yuan,
2
018
Annual GDP still ranks third among large and medium cities in the Mainland;
The year-on-year growth rates are
9
.1
%
,
8.8%
with
7.6
%
,
Respectively higher than the national level in the same period
2
.4
One,
1.
9
A and
1.0
Percentage points.

201
8
Shenzhen's GDP per capita reached
18.96
Ten thousand yuan,
Per capita GDP
2.93
Times, ranking first among the four first-tier cities in the country.



Figure 8. 2
018
Comparison of Major Economic Indicators of Shenzhen with the National and Other Cities in 2015


index


20
1
8
year


201
8
year


Shenzhen


Nationwide


Proportion


Beijing


Shanghai


Guangzhou


GDP(
Billion yuan)


24221.98

900309.5


2
.69%


30320.0


32679.9


22859.
4


among them:
Added value of the secondary industry


9961.95


366000.9


2.72
%


5647.7


9732.5


6234.1


Tertiary industry added value


14237.94


469574.6


3.03
%


24553.6


2284
3.0


16401.8


GDP growth rate (
%
)


7.6

6.6


-


6.6


6.6


6.2




source:
Country and Shenzhen,
Websites of Beijing, Shanghai, and Guangzhou Statistics Bureau.


Figure 9. 201
6
Main Economic Indicators and Growth Rate of Shenzhen City since the Year (Unit:
100 million yuan,
%
)


index


201
6
year


201
7
year


2018
year


Amount


Increase


Amount


Increase


Amount


Increase


GDP
7


20079.70


9.1


22490.06


8.8


24221.98


7.6


Added value of the primary industry


8.28


-
0.4


19.57


27.0


22.09


3.9




7
from
2017
Since the beginning of the year,
R &
D
)
Expenditure is included in the GDP calculation,
2018
Based on this, the Shenzhen Statistical Yearbook adjusted regional GDP in the previous years.
This report uses adjusted values.

In addition,
2017
year,
The Shenzhen-Shanshan Special Cooperation Zone is included in the Shenzhen GDP calculation.




index


201
6
year


201
7
year


2018
year




Amount


Increase


Amount


Increase


Amount


Increase


Added value of the secondary industry


8310.65


8.1


9318.10


9.2


9961.95


9.3


Tertiary industry added value


11760.77


9.9


13152.39


8.4


14237.94


6.4


GDP per capita (10,000 yuan)


17.25


3.8


18.35


3.9


18.96


3.2


Per capita disposable income of residents


4.87


-


5.29


-


5.75


8.7


The total retail sales of social consumer goods


5512.76


8.1


6016.19


9.1


6168.87


7.6


Investment in fixed assets


4078.16


23.6


5147.32


23.8


6191.01


20.6


Total imports and exports (100 million US dollars)
8


3984.39


-
9.9


4141.46


3.9


29983.74


7.0




8
2
018
The total annual import and export unit is 100 million yuan.
The growth rate is the year-on-year growth rate in RMB terms.



source:
Shenzhen
2018
Annual statistical yearbook,
Shenzhen
2018
year
12
Monthly statistical indicators and
2018
Statistical Communique of Shenzhen Municipality on National Economic and Social Development,
New Century Rating


Shenzhen's industry is dominated by advanced manufacturing and modern service industries. In recent years, the city's industrial economy and modern service industry have maintained rapid growth.

201
8
The added value of the secondary and tertiary industries in the city in
1.00
Trillion yuan and
1.42
Trillion yuan, year-on-year growth rates are
9.3%
with
6.4%
.

Specifically,
The city's industrial high-end development momentum is good, and the total value added of advanced manufacturing and high-tech manufacturing accounts for the value added of industrial enterprises above designated size, ranking first in Guangdong Province.

201
8
In 2015, the city's advanced manufacturing and high-tech manufacturing industries respectively achieved added value.
6564.83
Billion and
6131.20
100 million yuan,
Year-on-year growth
12.0
%
with
13.3
%
, The growth rate is higher than the city's industrial added value above designated size
2.5
Percentage points and
3.8
Percentage points, the proportion of total industrial added value is
70.94
%
with
66.25
%
. As for the service industry, the development of the city's service industries above the designated size includes leasing and business services,
The Internet and related services, software and information technology services industries are mainly developed, and the development trend is good.
201
8
Added value of modern service industry in the city
1.01
Trillion yuan, a year-on-year increase
7.1
%
.



From the perspective of the economic development dynamics structure, Shenzhen has formed a balanced economic development dynamics structure with final consumption as the mainstay, supplemented by net exports and fixed asset investment, with stable economic development.

In the last two years,
The city's final consumption rate and capital formation rate were basically maintained at
41
%
,
34%
about,
The momentum of economic development is relatively balanced.




Table 10. Composition of Shenzhen's Gross Regional Product Expenditure Method (Unit:
%
)





Note:
according to
2018
Yearbook of Shenzhen Statistical Yearbook


With the improvement of residents' living standards and the introduction of policies to expand domestic demand, the total consumption of Shenzhen has continued to increase in recent years.
The contribution rate of final consumption to the regional economy is outstanding.

201
6
-
201
8
Per capita disposable income of Shenzhen residents in
4.87
Ten thousand yuan,
5.
29
Ten thousand and
5.75
10,000 yuan, the regional residents have strong spending power. Total retail sales of consumer goods over the same period are
5512.76
100 million yuan,
6016.19
Billion and
6168.87
100 million yuan, mainly retail sales in the wholesale and retail trade. In addition, the rapid development of new consumer formats and other driving forces for consumption growth continue to increase.

201
7
The city's e-commerce transaction volume reached
2
.34
Trillion yuan, a year-on-year increase
15.1%
9.



9
Data from "
2017
Shenzhen E-commerce Development White Paper.



10
Foreign trade dependence
=
Total imports and exports
*
The average exchange rate of RMB against the US dollar in that year
/
GDP
* 100%
.



C: \ Users \ wjr \ AppData \ Local \ Temp \ WeChat Files \ 8d314aedc8a291abb3b74639602fe1d.png
Shenzhen's fixed asset investment is dominated by the tertiary industry. The scale of investment has expanded in recent years.
The growth rate is maintained at a high level, private investment is active, continuous investment in research and development, and investment structure is constantly optimized.

201
8
The city's investment in fixed assets
6191.01
100 million yuan, a year-on-year increase
20.6
%
,
Among them, the growth of investment in the tertiary industry
23.4%
. From the perspective of specific industry investment directions, the real estate industry, manufacturing and water conservancy, environment and public facilities management industries are the main investment directions, of which real estate project development investment accounts for a relatively large amount, and investment scale has maintained rapid growth in recent years.

201
8
The city's real estate development investment increased year-on-year
23.6
%
. Benefiting from an open economic policy environment, Shenzhen's private investment is active,
201
8
Year-on-year increase in private investment
12.5
%
, Higher than the national level
3.8
Percentage points.



In terms of foreign economy,
2016
Affected by factors such as slowing market demand in Europe and the United States, increasing downward pressure on the economy, and the relocation of production capacity of some enterprises, Shenzhen's total import and export volume showed negative growth.
2
017
Benefiting from the recovery of the global economy and trade, the total import and export volume of the city showed a recovery growth. Overall,
The contribution of total net exports of goods and services to economic growth has declined in recent years.

201
6
-
2017
The total Shenzhen import and export volume is
3984.39
Billion dollars and
4141.46
One hundred million U.S. dollars,
Foreign trade dependence over the same period
10 are
131.80
%
with
124.
33
%
, The economy is highly dependent on foreign countries.

2
017
Since Shenzhen, processing and assembly trade of incoming materials and processing trade of imported materials



Industry ’s share of total foreign trade exports continues to decline,
The trade structure continues to improve.

201
7
Import processing processing exports in the city's total foreign trade exports
842
.41
One hundred million U.S. dollars,
Of total foreign trade exports
34.
47
%
. Affected by the rapid increase in import scale,
2018
In 2015, Shenzhen's total imports and exports
29983.74
100 million yuan, an increase over the previous year
7.0%
.



Looking at the development of pillar industries,
Shenzhen's current pillar industries are high-tech industry, financial industry, logistics industry and cultural industry.
201
8
The four pillar industries in total realized added value
1.55
Trillion yuan. In terms of high-tech industries, Shenzhen has formed a high-tech industrial cluster dominated by the electronic information industry , and has become an important base for the industrialization of high-tech achievements in China.

201
8
year,
The city realizes the added value of high-tech industries
8296.63
100 million yuan, a year-on-year increase
12.7
%
, Is the city's largest pillar industry.

For the financial industry,
Shenzhen's financial industry cluster includes Futian, Luohu,
Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (hereinafter referred to as "Qianhai Cooperation Zone"), etc. Among them, Qianhai Cooperation Zone will create a pilot window for China's financial industry to open to the outside world.

201
8
Annual financial industry value added
3067.21
100 million yuan,
YoY growth
3.6
%
; The contribution rate of the financial industry to the city's tax revenue that year
22.37%
, Higher than manufacturing (
20.30%
)
, Become the city's first taxpaying industry. In terms of modern logistics,
Relying on its excellent geographical location,
Perfect infrastructure and developed hinterland economy,
Shenzhen's modern logistics industry has developed with high efficiency. At present, the main logistics industrial parks include Qianhai Gulf Bonded Logistics Park, Yantian Logistics Park, Dakong Airport Logistics Park, Pinghu Logistics Base,
South China Logistics Park, etc., nationwide
80%
The headquarters of the above supply chain management companies are gathered in Shenzhen, and representative logistics listed companies such as SF and EAST have emerged. In the cultural industry,
Shenzhen is the first city in the country to be awarded the title of "Design Capital" by UNESCO. Industrial design and graphic design are leading the country. Shenzhen's well-known cultural industry companies include Tencent, Thunder,
Huaqiang Culture Technology, Jialantu Design, etc.

201
8
Added value of culture and related industries in the city
1560.52
100 million yuan, a year-on-year increase
6.3
%
.



In recent years, the role of strategic emerging industries in driving Shenzhen's economic growth has become more prominent.
The main engine plays a more prominent role. Shenzhen has become the city with the largest strategic emerging industries in China and the strongest agglomeration. Among them, the new-generation information technology industry and cultural and creative industries are relatively large in scale.

201
8
year,
Seven strategic emerging industries in the city
11 achieve added value
9155.18
100 million yuan,
Increase from last year
9.1
%
, Accounting for the city's regional GDP
37.80
%
,
Of which the new generation of information technology industry added value
4772.02
100 million yuan,
YoY growth
10.9
%
;
Digital economy industry added value
1240.73
100 million yuan,
YoY growth
3.8%
; Added value of high-end equipment manufacturing industry
1065.82
100 million yuan,
YoY growth
10.7%
.

In addition, Shenzhen's future industry layout is ahead, and has now formed robots, wearables and intelligent equipment industries, marine industries, aerospace and life health


11
Shenzhen's seven strategic emerging industries include a new generation of information technology industries,
Digital economy industry,
High-end equipment manufacturing industry,
Green low-carbon industry,
Marine economy industry,
New materials industry and
Biomedical industry.




Four future industries, including smart equipment manufacturing
2018
Annual output value
5000
About 100 million yuan.

With the gradual development and growth of the industry in the future, new economic growth points will be formed.



According to Shenzhen's "Thirteenth Five-Year Plan", in the medium and long term, Shenzhen will highlight innovation drive and develop new kinetic energy, and strive to build Shenzhen into an internationally leading innovative city and a national economic center city. From the perspective of development strategy,
2
016
The National 13th Five-Year Plan outlines the establishment of Shenzhen as an international science and technology and industrial innovation center;
2
017
National Marine Economy Development
Thirteenth Five-Year Plan "

The plan proposes to build Shenzhen as a global ocean center city;
2
019
The outline of the Guangdong-Hong Kong-Macao Greater Bay Area Development Plan for the year proposed that Shenzhen should be used as a special economic zone, a national economic center city and a national innovative city, accelerate the establishment of a modern international city, and strive to become a world-leading city of innovation and creativity. As a strategic hub city, with the Belt and Road Initiative,
With the advancement of national strategies such as the "marine power", the Guangdong-Hong Kong-Macao Greater Bay Area, and innovative nations, Shenzhen's future development prospects are good.



(2) Shenzhen's financial strength


Shenzhen has strong financial resources.
And mostly from general public budgets,
Financial resources are more stable.

Benefiting from the cluster development of high-growth enterprises, Shenzhen's industrial economy has a strong ability to generate taxes. In recent years, the city's general public budget revenue has maintained rapid growth, and the quality and sustainability of revenue have been good.

The budget revenue of the Shenzhen government fund is mainly based on the revenue from the transfer of state-owned land use rights, which will supplement local financial resources.
The scale has been relatively stable in recent years. Overall,
Shenzhen's fiscal revenue and expenditure balance ability is strong, and its dependence on superior subsidy income is low.



The local fiscal revenue of Shenzhen mainly comes from general public budget revenue. In recent years, the financial strength of the city has maintained a high level.
201
6
-
201
8
Total fiscal revenue of the city
12 are
7402.13
100 million yuan,
7164.04
Billion and
6894.27
100 million yuan, affected by the year-on-year decrease in the scale of funds transferred from the general public budget and the budget adjustment stabilization fund,
2018
Shenzhen's total fiscal revenue fell slightly year-on-year
3.77%
, The proportion of general public budget revenue in the past three years has remained at
75
%
the above. The total budget revenue of Shenzhen government funds accounts for a small proportion of local financial resources.
2
016
-
201
8
Annual average share is
twenty one.
9%
The fluctuation of government fund budget income has a relatively limited impact on Shenzhen's overall fiscal strength, and local financial resources are relatively stable.



12
Total fiscal revenue in this report
=
Total general budget revenue
+
Total government fund budget revenue
+
Total state-owned capital operating budget revenue.



Figure 11. Composition of Shenzhen's fiscal revenue (Unit: 100 million yuan)


index


201
6
year


201
7
year


2018
year


Citywide


City level


Citywide


City level


Citywide


City level


Total fiscal revenue


7402.13


5009.39


7164.04


4779.13


6894.27


4713.26


Total general budget revenue


5673.67


3454.85


5611.52


3370.04


5265.92


3239.03


among them
:
General public budget revenue


3136.49


1995.95


3332.13


2086.76


3538.44


2190.13





index


201
6
year


201
7
year


2018
year




Citywide


City level


Citywide


City level


Citywide


City level


Higher subsidy income


232.42


232.42


290.95


290.95


286.81


286.81


Total government fund budget revenue


1639.66


1476.51


1489.98


1356.48


1562.95
-


1419.08


among them
:
Government Fund Budget Revenue


966.40


956.02


1029.95


1026.50


96
4.64


962.53



Higher subsidy income


5.54


5.54


5.17


5.17


5.87


5.86


Total state-owned capital operating budget revenue


88.80


78.03


62.53


52.61


65.40


55.15


among them
:
State-owned capital operating budget income


67.59


59.30


38.94


35.44


46.63


40.83




Source: Shenzhen Finance Bureau


In line with the level of economic development, Shenzhen's general public budget revenue is at the leading level among the nationally planned cities. In recent years, thanks to the continuous improvement in the quality and efficiency of economic development, the city's general public budget revenue has maintained rapid growth.

20
1
6
-
201
8
年深圳市一般公共预算收入分别为
3136.49
亿元、
3332.13
亿元和
3538.4
4
亿元,
同比分别增长
15.02%
,
6.24
%
with
6.19
%
,受全面“营改增”

以及中央地方收入划分调整,
同时落实各项减税降费政策措施等因素影响,增速趋缓。考虑到调入资金、上年结余及省补助计划单列市收入等因素,
201
6
-
201
8
年全市一般公共预算收入总计分别为
5673.67
亿元、
5611.52
亿元和
5262.92
亿元。



具体来看,税收收入是深圳市一般公共预算收入主要构成,主要税源行业为制造业、金融、房地产、租赁和商务服务业等。

2
01
6
-
201
8
年税收比率
13分别为
79.35%
,
79.68%
with
81.95
%
,
收入质量及持续性好。

分税种看,
全市税收收入以增值税、企业所得税和个人所得税为主,
201
8
年上述三项税种收入合计为
2101.02
亿元,占税收收入的
72.46%
,全市税源结构较稳健。深圳市非税收入主要来自专项收入和国有资源(资产)
有偿使用收入,规模易受政策因素影响,
201
8
年非税收入同比下降
5.67
%
to
638.81
亿元,
主要系国有资源(资产)有偿使用收入大幅缩减所致。

近年来全市一般公共预算上级补助收入规模相对较稳定,但全市产业创税能力较强,一般公共预算财力对上级补助收入依赖度低。

201
6
-
201
8
年上级补助收入占一般公共预算收入总计的比重在
4.1
%
-
5.
4%
between.



13
税收比率
=
税收收入
/
General public budget revenue
*
100%


图表12. 201
6
-
201
8
年深圳市全市一般公共预算收入构成情况(单位:亿元)


subject


2016
year


2017
year


2018
year


税收收入


2488.88


2654.89


2899.6
3


主要科目:营业税


3
63
.
9
4


-


-



VAT


6
50
.95


991.28


1046.97



corporate income tax


5
69
.5
2


667.85


680.62



Personal Income Tax


3
04
.75


334.33


373.43





subject


2016
year


2017
year


2018
year


非税收入


647.61


677.24


638.81


主要科目:专项收入


3
82
.34


372.13


389.17


Income from paid use of state-owned resources (assets)


1
09
.82


155.19


90.42


一般公共预算收入合计


3
136.49


3332.13


3538.4
4


Higher subsidy income


232.42


290.95


286.81


省补助计划单列市收入


28.93


17.17


32.50


Last year balance


178.79


164.46


135.70


Transfer to the Budget Stability Adjustment Fund


861.33


1001.34


735.77


Transfer funds


1
235.70


805.47


523.70


债务收入


0.00


0.00


13
.00


一般公共预算收入总计


5
673.67


5611.52


5265.92




资料来源:深圳市财政局


深圳市一般公共预算支出主要集中于城乡社区、交通运输、住房保障等方面,近年来全市持续加大民生保障和改善力度,一般公共预算支出规模快速增长,
201
6
-
201
8
年分别为
4211.04
亿元、
4593.80
亿元和
4282.56
亿元,
其中刚性支出占比分别为
27.15%
,
33.60%
with
39.99%
,一般公共预算支出弹性相对较好。

201
8
年全市对城乡社区事务、交通运输以及住房保障等九大类民生领域
14支出累计投入
2772.29
亿元,占一般公共预算支出的
64.73
%
,重点民生支出得到有效保障。

201
6
-
201
8
年全市一般公共预算自给率
15分别为
74.48%
,
72.54%
with
82.62%
,一般公共预算收入对其支出覆盖程度水平较高。总体看,
在综合考虑调入资金、
预算稳定调节基金、上年结余等情况下,深圳市一般公共预算财政平衡能力好。



14
九大民生领域为教育、文化体育与传媒、社会保障和就业、医疗卫生、节能环保、城乡社区事务、农林水事务、交通运输以及住房保障。



15
一般公共预算自给率
=
General public budget revenue
/
General public budget expenditure
*100%
.



16
本报告中,
刚性支出指一般公共服务、
公共安全、
教育、
社会保障和就业、
医疗卫生和计划生育五项支出。



图表13. 201
6
-
201
8
年深圳市全市一般公共预算支出构成情况(单位:亿元)


subject


2016
year


2017
year


2018
year


主要支出科目:











刚性支出
16


1143
.
18


1543.69


1712.44


Urban and rural community expenditure


5
58
.49


982.96


821.36


Expenditure for resources exploration information


5
60
.
0
2


221.64


118.25


交通运输支出


4
50
.89


318.27


226.68


Housing security expenditure


4
26
.09


556.55


263.22


一般公共预算支出合计


4211.04


4593.80


4282.56


主要科目:











Higher level expenditure


71.
98


75.48


73.79


Debt repayment expenses


11.00


26.00


23.00


Arrange budget stabilization funds


1010.
31


615.20


616.84





subject


2016
year


2017
year


2018
year


计划单列市上解省支出


144.85


153.23


151.26


Year-end balance


164.46


135.70


116.20


其中:结转下年支出


164.46


135.70


116.20


一般公共预算支出总计


5
673.67


5611.52


5265.92




资料来源:深圳市财政局


深圳市政府性基金预算收入以国有土地使用权出让收入为主,易受房地产市场行情及土地出让进度等因素影响,近年来规模保持相对稳定,
201
6
-
201
8
年分别为
966.40
亿元、
1029.95
亿元和
964.64
亿元,同比增速分别为
0.25%
,
6.58%
with
-
6.34%
,
受国有土地使用权出让收入减少影响,
2018
年政府性基金预算收入略有下滑。



图表14. 201
6
-
201
8
年深圳市政府性基金预算收入构成情况(单位:亿元)


subject


2016
year


2017
year


2018
year


主要科目:国有土地使用权出让收入


896.61


960.72


898.24


政府性基金预算收入合计


966.40


1
029.95


964
.
64


Higher subsidy income


5.54


5.17


5.87


省补助计划单列市收入


0.
78


0.95


1.05


Last year balance


666.92


433.81


551.92


Transfer funds


0.02


0.11


0.08


债务收入


-


20.00


39.40


政府性基金预算收入总计


1639.66


1489.98


1562.95




资料来源:深圳市财政局


深圳市政府性基金预算支出集中于以国有土地使用权出让收入安排支出为主的城乡社区事务支出,
201
6
-
201
8
年分别为
413.75
亿元、
537.04
亿元和
637.44
亿元,
其中城乡社区事务支出占比维持在
90
%
the above.近年来政府性基金预算收入能够完全覆盖其支出,且覆盖情况较好。

由于政府性基金结转规模超过当年收入
30%
的部分,
按规定调出至一般公共预算安排,故调出资金规模相对较大。



图表15. 201
6
-
201
8
年深圳市政府性基金预算支出构成情况(单位:亿元)


subject


2016
year


2017
year


2018
year


主要科目:城乡社区事务


398.62


502.25


581.24


政府性基金预算支出合计


413.75


537.04


637.44


Transfer funds


792.10


401.03


418.86


Year-end balance


433.81


551.92


506.64


政府性基金预算支出总计


1639.66


1489.98


1562.95




资料来源:深圳市财政局


深圳市国有资本经营预算收入主要由国有独资公司上缴的利润收入和国有控股公司的股利股息收入构成。

201
6
-
201
8
年分别为
67.59
Billion



元、
38.94
亿元和
46.63
亿元,其中
2
017
年同比下降
42.3
8
%
,主要系国有控股及参股企业股利、股息收入大幅减少等所致。同期,全市国有资本经营预算支出分别为
54.73
亿元、
41.18
亿元和
38.26
亿元,主要为国有企业资本金注入产生的支出。

考虑到上年结余,调出资金、年终结余等因素,近年来深圳市国有资本经营预算平衡能力较好。



(三)深圳市政府债务状况


深圳市地方财政实力强,城镇化发展水平高,自身财政盈余基本能够满足基础设施建设等财政支出需求,政府举债规模小。近年来债务规模保持较低水平,政府债务负担轻。



近年来,深圳市政府债务规模保持较低水平,政府债务负担轻。

As of
201
8
年末,深圳市政府性债务余额为
146.27
亿元,较
201
7
年末增加
27.49
亿元,
主要为当年新增的专项债券。从债务类型看,全市政府债务(
即政府负有偿还责任的债务)
余额为
145.92
亿元,可能承担一定救助责任的债务余额
0.35
亿元,全部为深圳大学城学生公寓建设贷款;
无政府负有担保责任的债务。分层级看,深圳市政府负有偿还责任的债务集中于市本级,
201
8
年末深圳市本级(不含新区)
政府债务余额
93.92
亿元,为历年发行政府债券、国债转贷和地方政府专项债券余额;区级政府债务为
52.00
亿元。



图表16. 近年来深圳市政府性债务情况(单位:
亿元)


债务类型


2016
年末


2017
年末


2018
年末


政府负有偿还责任的债务


127.95


117.24


145.92


政府负有担保责任的债务


0.00


0.0
0


0.00


政府可能承担一定救助责任的债务


1.83


1.54


0.35




资料来源:深圳市财政局


债务限额方面,经国务院批准,
2018
年财政部核定深圳市地方政府债务限额为
384.5
亿元(一般债务限额
313.6
亿元,专项债务限额
70.9
100 million yuan
17)
;
As of
201
8
年末,深圳市地方政府债务余额为
145.92
亿元,
距财政部核定的限额仍有较大的空间。

according to"
关于深圳市
2018
年本级第一次预算调整方案的报告》
,
财政部下达深圳市
2019
年地方政府债务限额为
698.5
亿元,其中新增地方政府债务限额
314
亿元(
包括一般债务限额
11
亿元,专项债务限额
303
亿元)。 As of
2
019
year
9
月末,深圳市


17
财政部原下达深圳市专项债务限额为
241.5
亿元,
2018
year
12
月,财政部根据党中央、国务院关于加快专项债务发行和使用的要求,收回深圳市暂未使用的新增专项债务限额
170.6
亿元,
并对收回额度在全国进行重新分配。




政府债务余额
4
59.91
亿元,
全部为地方政府债券余额及国债转贷余额。



总体看,
深圳市地方财政实力强,城镇化发展水平高,自身财政盈余基本能够满足城市基础设施建设及公益性项目建设等财政支出需求,
政府举债规模小,总体债务偿付压力轻。



(四)深圳市政府治理状况


近年来深圳市财税体制和债务管控机制不断完善;全市行政审批制度改革不断深化,政府运行效率与服务能力持续提高;同时,
政府信息公开工作有序推进,政府信息透明度较高,地方政府管理状况良好。



深圳市作为我国改革开放的窗口,在国家财政体制改革方面拥有先行先试的优势。

1997
年,深圳市率先在全国推行以属地征收、分税分成为核心内容的市区分税制财政体制改革,规范了市区财政分配机制,对促进全市经济社会发展和财政收入增长起到了重要作用。近年来深圳市持续对地方财政体制进行改革与优化,
目前已实施四轮市区财政体制,
其中第四轮市区财政体制自
2011
年起实施,至
2015
年期满,以财权事权下沉、促进特区一体化发展为目标,体制运行期间财政收入保持较快增长,特区一体化保障水平显著提高。



随着中央财税体制改革的加快,
深圳市强区放权等决策部署逐步落实,
市区两级间的事权、
财权和支出责任划分持续完善。

2016
年,深圳市制定了第五轮市区财政体制方案,按照事权和支出责任相匹配的原则,
落实强区放权,进一步加大力度向区下放事权和财力,更好调动区级积极性,提升基层治理能力和财政保障能力。同时深圳市持续推进预算管理改革,进一步编细编实部门预算,
2016
年市本级财政专项资金、政府性基金和政府投资资金分类分步纳入部门预算管理;国库改革向纵深推进,
2016
年市本级实现国库集中支付全覆盖;此外,全市制定出台了《深圳市实行中期财政规划管理实施方案》,跨年度预算平衡机制进一步完善。

2
017
年深圳市深入实施第五轮市区财政体制,大力推动事权与支出责任划分改革,推进管理重心和财力下移,增强区级财力保障和基本公共服务供给能力。

2018
年,深圳市实施第五轮市区财政体制中期调整,按照基本公共服务均等化的要求,进一步完善权责清晰、财力协调、
区域均衡的市区财政体制;同时推动深汕特别合作区财政体制调整平稳落地实施。



自国务院发布《国务院关于加强地方政府性债务管理的意见》
(国



hair
[
2014
]
43
号)
以来,深圳市按照财政部要求做好政府性债务统计和分析工作,动态掌握全市债务情况,政府性债务管理工作持续深入,对债务风险及时评判,对超过或者接近风险线的辖区给予预警;持续完善政府性债务管理体系,债券资金的发行和偿还已明确纳入预算管理,同时持续推进债务风险预警方案的制定工作。

2016
年深圳市制订了《深圳市地方政府性债务风险应急处置预案》,对债务风险事件建立分级响应机制,实施分类应急处置,进一步健全政府性债务风险管理机制。

2017
year
6
月财政部发布《财政部关于试点发展项目收益与融资自求平衡的地方政府专项债券品种的通知》
(
财预
[
2017
]
89
号)
,鼓励按照地方政府性基金收入项目分类发行专项债券,为此深圳市不断完善专项债券管理,在严格将专项债券发行与项目一一对应的基础上,加快实现债券资金使用与项目管理、偿债责任相匹配,以及债券期限与项目期限相匹配。

2
017
year
12
月深圳市制定了《
深圳市轨道交通项目专项债券管理办法(试行)

,
首次规范了轨道交通项目专项债券的偿债来源、
额度管理、
预算编制等内容。

2018
year
8
月,深圳市成立政府性债务管理领导小组,负责统筹、
领导全市政府性债务和隐性债务管理,同时负责组织、协调、指挥风险事件的应对工作。

2018
year
10
月,深圳市印发《
关于进一步深化预算管理改革强化预算绩效管理的意见》,通过转变理财用财理念、
巩固强化预算管理主体责任、
深化预算编制改革等措施进一步深化预算管理改革。

同期,
深圳市印发《
深圳市市级财政专项资金管理办法》
,
加强和规范市级财政专项资金的管理,提高财政专项资金的使用效益。



深圳市作为改革开放的前沿城市,在政策试点和体制改革等方面承担更多任务,十八届三中全会以来深圳市主动承接中央和省多项改革试点,近年来重点领域和关键环节改革取得重大进展,
2017
年深圳市出台基础设施供给侧结构性改革方案,制定深化国有企业改革方案及配套政策;推进财政预算管理改革,以项目库为重点编早编细编实年度预算。

此外深圳市政府逐步推进强区放权,以简政放权提高供给效率,不断深化行政审批制度改革,
2
017
年取消、下放
175
项市级行政职权,政府运行效率与服务能力持续提高。根据《深圳市
20
17
年改革计划》,深圳市重点推进涉及经济体制、生态文明体制、民主政治、文化体制、社会和司法体制、党建、
纪检等七大领域的
27
项重点改革,其中包括“继续深化强区放权改革”、“构建财权事权相匹配的市区财政体制改革”等推进体制机制创新条款,
涉及推进市级部门的简政放权,强化区级统、执行筹能力、优化权责匹配;构建财权与事权相匹配的市区财政体制等内容。




近年来深圳市政府主动通过各大渠道公开政府信息情况,信息透明度较高。深圳市政府通过完善政府信息公开制度、深化重点领域信息公开、加强政府信息供给的平台支撑等方面推进信息公开工作。制度方面,
2015
年深圳市政府起草完成《深圳市政府信息公开规定(修订草案送审稿)》,
2
016
年出台了《深圳市人民政府重大行政决策程序规定》,
2018
年制定《深圳市人民政府办公厅关于进一步做好政务公开工作的通知》,
结合深圳实际加强政务公开队伍建设,信息公开制度逐步完善。内容保障方面,深圳市积极推进行政权力运行信息公开,制定全市统一的行政审批事项目录,全面启动权责清单编制专项工作,并通过编制、公布并动态更新政府信息公开指南和政府信息公开目录,逐步推进财政资金、
公共资源、重大建设项目等重点领域信息公开。平台支撑方面,近年来深圳市充分发挥“深圳政府在线”网站的信息公开“第一平台”作用,
以“深圳微博发布厅”新浪微博、“深圳发布”微信公众号、“
i
深圳”

政务服务客户端为龙头,着力打造全市政务新媒体矩阵,完善政府信息主动公开目录,全面规范公开政府文件信息。

2018
年全市各级行政机关全年主动公开政府信息
117.60
万条,涉及机构职能类、法规文件类、业务动态类、行政执法类、办事指南类等多项内容。同时全市加强政府信息供给的平台支撑,政府可通过网站、微博、微信等不同渠道和方式公开政府信息情况,
2
018
年政府公报发布信息
1267
条,政府网站公开信息
92.99
万条,微博微信公开信息
15.70
万条,通过报刊、广播、电视等其他方式公开信息
8.79
万条。



四、 结论


深圳市具有优越的区位及政策资源优势 ,经济发展水平稳居全国大中城市前列。近年来以创新驱动产业升级,全市产业结构持续优化,
支柱产业竞争优势明显,经济增长后劲充足。

得益于良好的经济基础,
深圳市财力雄厚,财力结构较稳健,财政平衡能力强。

In recent years,
深圳市政府性债务规模较小,债务偿付压力轻。

且深圳市不断完善财税体制和债务管控机制,政府运行效率与财政管理服务能力持续提高,
政府信息透明度较高,地方政府管理状况良好。



本期债券为新增债券,
募集资金拟专项用于深圳市洪湖水质净化厂一期工程项目,以项目对应产生的污水处理收费及增值税返还偿还债券本息。在债券存续期内募投项目预计可产生的现金流入能够覆盖对应支出,且有一定规模的现金结余。

本期债券收入、支出、还本、付息等纳入



深圳市政府性基金预算管理。

总体看,
本期债券偿债保障高。




跟踪评级安排


根据政府业务主管部门要求以及对地方债信用评级的指导意见,
在本次评级的信用等级有效期【
to
2020
年深圳市(本级)污水处理专项债券(一期)
-
2020
年深圳市政府专项债券(三期)
的约定偿付日止】
内,本评级机构将对其进行持续跟踪评级,包括持续定期跟踪评级与不定期跟踪评级。



跟踪评级期间,本评级机构将持续关注深圳市经济金融环境的变化、
影响财政平衡能力的重大事件、
深圳市政府履行债务的情况等因素,并出具跟踪评级报告,以动态地反映深圳市地方政府债券的信用状况。



(一) 跟踪评级时间和内容


本评级机构对本期债券的跟踪评级的期限为本评级报告出具日至失效日。



定期跟踪评级将在本次信用评级报告出具后每
1
年出具一次正式的定期跟踪评级报告。定期跟踪评级报告与首次评级报告保持衔接,如定期跟踪评级报告与上次评级报告在结论或重大事项出现差异的,本评级机构将作特别说明,并分析原因。



不定期跟踪评级自本次评级报告出具之日起进行。在发生可能影响本次评级报告结论的重大事项时,
深圳市政府应根据已作出的书面承诺及时告知本评级机构相应事项。本评级机构及评级人员将密切关注与深圳市有关的信息,在认为必要时及时安排不定期跟踪评级并调整或维持原有信用级别。



(二) 跟踪评级程序


跟踪评级将按照收集评级所需资料、现场调研、评级分析、评级委员会评审、出具评级报告、公告等程序进行。



本评级机构的跟踪评级报告和评级结果将对业务主管部门及业务主管部门要求的披露对象进行披露。



在持续跟踪评级报告出具之日后五个工作日内,
深圳市政府和本评级机构应在业务主管部门指定媒体及本评级机构的网站上公布持续跟踪评级结果。




appendix:


评级结果释义


根据财政部《关于做好
2015
年地方政府专项债券发行工作的通知》
,地方政府专项债券信用评级等级符号及含义如下:


grade


meaning


AAA



对应的政府性基金或专项收入收支状况、对应项目建设运营状况极好,偿还债务的能力极强,基本不受不利经济环境的影响,违约风险极低。



AA



对应的政府性基金或专项收入收支状况、对应项目建设运营状况很好,偿还债务的能力很强,受不利经济环境的影响不大,违约风险很低。



A



对应的政府性基金或专项收入收支状况、对应项目建设运营状况较好,偿还债务能力较强,较易受不利经济环境的影响,违约风险较低。



BBB



对应的政府性基金或专项收入收支状况、对应项目建设运营状况一般,偿还债务能力一般,受不利经济环境影响较大,违约风险一般。



BB



对应的政府性基金或专项收入收支状况、对应项目建设运营状况较差,偿还债务能力较弱,受不利经济环境影响很大,违约风险较高。



B



对应的政府性基金或专项收入收支状况、对应项目建设运营状况很差,偿还债务的能力较大地依赖于良好的经济环境,违约风险很高。



CCC



对应的政府性基金或专项收入收支状况、对应项目建设运营状况极差,偿还债务的能力极度依赖于良好的经济环境,违约风险极高。



CC



对应的政府性基金或专项收入收支状况、对应项目建设运营状况极差,基本不能偿还债务。



C



对应的政府性基金或专项收入收支状况、对应项目建设运营状况极差,不能偿还债务。





Note:
AAA
级可用“
-
”符号进行微调,表示信用等级略低于本等级;
AA
级至
B
级可用“
+
”或“
-
”符号进行微调,表示信用等级略高于或低于本等级。














































Zhongcai
Headlines
pop up description layer