Jiyuan City, a county-level city directly under the administration of Henan Province, is located in the northwest of the province. As one of the 14 core development zones in the Central Plains Urban Agglomeration, Jiyuan has been designated as a National Industry-City Integration Demonstration Zone (comprehensive planning) and operates under a "one institution, two brands" system with the Jiyuan Municipal Government. It is also the first "National Industry-City Integration Demonstration Zone" and "National All-for-One Tourism Demonstration Zone" in China.
Against this backdrop, Jiyuan has implemented a strategy focusing on "industrial strength, cultural tourism prosperity, and ecological sustainability." The city's industrial structure is dominated by secondary and tertiary industries, accounting for 57.2% and 39.4% respectively, while the primary industry makes up only 3.4%. The secondary industry, serving as the economic pillar, has seen sustained growth in industrial added value at 7.5%, while the tertiary industry has maintained steady growth at 3.1%. Overall, Jiyuan's economy exhibits a "secondary-tertiary-primary" industrial structure, with the secondary industry leading the way, marked by significant industrial transformation and steady development in services and agriculture—a characteristic shared with most of Henan Province.
**Secondary Industry: Industrial Leadership and Cluster Development** Jiyuan's industrial activities are concentrated in zones such as the Huling Industrial Park. The city hosts the nation's largest green lead-zinc smelting and silver production base, contributing a quarter of China's lead output and 12% of its silver output. Additionally, the steel and equipment manufacturing sector, represented by companies like Jigang, has formed a complete industrial chain from smelting to equipment production. Manufacturing plays a prominent supporting role, with notable growth in non-ferrous metal smelting and electrical machinery industries in the first three quarters of 2025.
**Tertiary Industry: Modern Services and Cultural Tourism Synergy** Leveraging top-tier attractions like Mount Wangwu and Xiaolangdi, Jiyuan has advanced its "cultural-tourism integration" strategy, driving explosive growth in the cultural tourism sector. Supporting industries such as modern logistics, technology services, and industrial design have also experienced steady expansion.
**Primary Industry: Stable and Specialized Agriculture** As a key grain production hub in northwestern Henan, Jiyuan's primary industry growth aligns with that of the service sector. The focus lies on food security, vegetable cultivation, and leisure agriculture, with efforts to establish national seed production bases and extend the wintergreen herb industrial chain. The city is also strengthening its tobacco industry and promoting cultural-tourism integration, transitioning from traditional agriculture to a modern, high-value-added model with strong branding and deep integration.
**Jiyuan's Listed Companies (5 in Total)** 1. **Henan Yuguang Gold & Lead Group Co., Ltd.**: Specializes in smelting and deep processing of lead, zinc, copper, gold, and silver, ranking as China's largest lead smelter and silver producer. 2. **Henan Jinma Energy Co., Ltd.**: Jiyuan's first Hong Kong-listed company, engaged in coal washing, coking products (e.g., coke, coal tar, crude benzene), and coal gasification/hydrogen energy ventures. 3. **Henan Qingshuiyuan Technology Co., Ltd.**: Focuses on water treatment agents, municipal/industrial water services, and environmental engineering. 4. **Henan Jinyuan Hydrogenation Chemical Co., Ltd.**: China's first coal enterprise to spin off a hydrogen energy subsidiary, specializing in hydrogenated benzene chemicals, clean energy supply, and hydrogen energy initiatives. 5. **COFCO Capital Holdings Co., Ltd.**: Formerly Zhongyuan Special Steel Co., headquartered in Jiyuan, now under COFCO Group, with its stock name changed accordingly.
These listed companies span non-ferrous metals, chemicals, energy, and other sectors, forming a distinctive "Jiyuan cluster" that stands out relative to the city's economic scale.
**Economic and Fiscal Overview** - **GDP**: Ranks 18th in Henan. - **General Public Budget Revenue**: Ranks 18th in Henan. - **Urban Investment Interest-Bearing Debt**: Ranks 14th in Henan. - **Non-Standard Financing Balance**: Ranks 9th in Henan. - **Non-Standard Financing to Interest-Bearing Debt Ratio**: Ranks 2nd in Henan. - **Three-Year Compound Growth Rate of Interest-Bearing Debt**: Ranks 7th in Henan.
Despite its small size, Jiyuan's non-standard financing balance and debt growth rate are notably high, reflecting unique regional dynamics.
**Debt and Fiscal Health** Jiyuan boasts the highest fiscal self-sufficiency rate in Henan (general public budget revenue / general public budget expenditure), exceeding 70% alongside Zhengzhou. This indicates strong fiscal autonomy and stability, with limited reliance on external transfers or financing.
Key debt issuers and rated entities in Jiyuan include: - **Henan Yugong Group Co., Ltd.** (100% owned by Jiyuan Demonstration Zone, unrated). - **Jiyuan Investment Group Co., Ltd.** (90% owned by Yugong, AA+). - **Henan Jixin Asset Operation Co., Ltd.** (78.17% owned by Jiyuan Investment, AA). - **Jiyuan Urban Construction and Development Group Co., Ltd.** (AA+). - **Henan Wangwu Culture & Tourism Group Co., Ltd.** (97.33% owned by Jiyuan Demonstration Zone, AA+). - **Henan Yuguang Group Co., Ltd.** (100% owned by Jiyuan Demonstration Zone, unrated). - **Henan Yuchuan Group Co., Ltd.** (100% owned by Yuguang Group, AA+).
Overseas bond issuers primarily include Jikang Technology and Henan Yuchuan Group. Debt maturities are concentrated in H1 2027 (CNY 500 million), H2 2028 (CNY 1.07 billion offshore), and H1 2029 (CNY 2.3 billion), with manageable short-term pressure.
**Conclusion** While Jiyuan's fiscal self-sufficiency and current debt levels appear sustainable, its small economic scale and revenue base raise questions about long-term coverage capacity. Future challenges include industrial cyclical risks, implicit debt resolution, and transformation investments, which require ongoing attention—a common dilemma for developing cities.
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