(Editors' note: This is an update of the commentary published on May 12, 2022, with minor changes on the cutoff points in table 7.)

According to our financial institution (“FI”) rating criteria, we typically determine the stand-alone credit profile (“SACP”) based on our assessment of an institution’s anchor, a starting point, and then incorporating its own characteristics compared with the anchor. The entity-specific factors that we may use to adjust from the anchor include business position, capital & earnings, risk position, and funding & liquidity. We then determine the issuer credit ratings (“ICR”) based on the SACP and our assessment of potential group or government influence in time of stress.

• 2025年1-5月，全国一般公共预算收入同比下滑0.3%，其中税收收入同比下降1.6%，政府性基金预算收入同比下降6.9%。
• 土地出让情况出现分化，1-5月，北京、天津、重庆、上海等地招拍挂土地成交金额出现增长，反映出核心城市土地市场韧性较强。
• 1-5月，陕西、内蒙古、山西一般公共预算收入及土地成交金额仍呈现双降态势，财政压力仍然持续。