2024-12-17-新世纪资信评估-区域研究报告_海南省及下辖各市县经济财政实力与债务研究（2024）_25页_2mb

Economic and Fiscal Analysis of Hainan Province

Economic Strength

Hainan is China's only provincial-level economic special zone, with a strategic location and emphasis on tourism, which dominates its economy. GDP growth was 9.2% in 2023 and slowed to 3.2% in 2024 Q3, reflecting national trends. Disparities exist among counties, with Haikou leading and Sanya and Danzhou in the second tier.

Financial Strength

Fiscal strength is limited due to low revenue and high reliance on transfers. General budget revenue in 2023 was approximately RMB 900.71 billion, with a high tax ratio of 74.09%. Self-sufficiency rates remain low.

Debt Situation

Government debt increased in 2023 to RMB 4,106.14 billion, with debt pressure rising. Local government bond issuance is minimal compared to other regions. Sanya and Haikou have lower debt burdens relative to their incomes.

County-Specific Analysis

Economic and financial disparities are substantial. Haikou and Sanya are strong counties, while others lag. 2024 Q3 saw county-level economic growth slow across the board.

Example Data Summary

• GDP: 2023 at RMB 7,551.18 billion (national ranking 2nd); 2024 Q3 at RMB 5,583.55 billion.
• Fiscal Revenue: 2023 general budget income RMB 900.71 billion; government fund revenue RMB 463.89 billion.
• Debt: 2023-end debt balance RMB 4,106.14 billion, a 4.56x multiple of 2023 general budget income.

(MD)