The debt-to-asset ratio of district and county-level urban investment companies in the three-year debt resolution period is lower than that of municipal-level firms, with the average asset-liability ratio slightly rising in 2025.

【Caixin】 Since the current round of bundled debt resolution was implemented in the second half of 2023, the debt ratio of district- and county-level urban investment companies has continued to remain below that of municipal-level urban investment companies. In 2025, the national average asset-liability ratio of district- and county-level urban investment companies and municipal-level urban investment companies increased slightly year-on-year to 58.19% and 59.46%, respectively.

Recently, entrusted by the Urban Construction Investment and Financing Research Professional Committee of the China Society for Urban Studies, Jiangsu Modern Asset Investment Management Consulting Co., Ltd. (hereinafter referred to as “Modern Consulting”) released for 2025 the situation of total assets, operating revenue, debt ratios, and the main credit ratings of urban investment companies at the prefecture level and above (including municipalities directly under the central government), as well as district- and county-level urban investment companies.