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China GRE Ratings List

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As of April 24, 2023, S&P Global Ratings rated 91 government-related entities (GREs) in China. These comprised 48 GREs owned by the Chinese central government and 43 by local and regional governments.

We consider an entity to be a GRE if we believe it could, in the event of stress, benefit from extraordinary government support, or we believe an entity controlled by a government could be subject to negative extraordinary government intervention if that government is under stress.

We consider government support, or negative intervention, as "extraordinary" when it is temporary, entity-specific, and often related to financial stress at the GRE or at the government level.

When rating GREs, our views on credit quality are based on the stand-alone credit profile (SACP) and the government rating or credit assessment. The GRE rating incorporates analysis of the following elements:

  • The GRE's SACP, which represents the GRE's credit quality in the absence of extraordinary support or intervention;
  • The local currency issuer credit rating or credit assessment of the relevant government, which reflects the government's ability to support the GRE or, in a negative scenario, its need to avail itself of the resources of the GRE; and
  • Our opinion of the likelihood of sufficient and timely extraordinary government intervention in support of the GRE's ability to meet its financial obligations. This is derived from our assessment of the importance of the GRE's role to, and link with, the government.

These and other related parameters are specified in our criteria (see "Rating Government-Related Entities: Methodology And Assumptions," March 25, 2015).

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Table 1

GRE List--Nonfinancial Corporates
Ratings and outlook SACP Notches up from the SACP Related government Role Link Likelihood of support Industry

Beijing Automotive Group Co. Ltd.

BBB/Stable/-- bb- 4 Beijing municipality Very important Very strong Very high Automotive

Beijing Capital Group Co. Ltd.

BBB-/Stable/-- bb- 3 Beijing municipality Important Very strong High Real estate developer

Beijing Construction Engineering Group Co. Ltd.

BBB/Stable/-- bb 3 Beijing municipality Important Very strong High Engineering & construction

Beijing State-Owned Assets Management Co. Ltd.

A/Stable/-- bb+ 5 Beijing municipality Critical Very strong Extremely high Investment holding company

Beijing State-owned Capital Operation and Management Co. Ltd.

A+/Stable/-- bbb 4 Beijing municipality Critical Integral Almost certain Investment holding company

Bright Food (Group) Co. Ltd.

BBB/Stable/-- bb 3 Shanghai municipality Important Very strong High Consumer products

China Baowu Steel Group Corp. Ltd.

A-/Stable/-- bbb 2 Central Important Very strong High Metals & mining

China FAW Group Co. Ltd.

A/Stable/-- bbb+ 2 Central Important Very strong High Automotive

China Minmetals Corp.

BBB+/Stable/-- bb+ 3 Central Important Very strong High Metals & mining

China Mobile Ltd.

A+/Stable/-- aa Capped by sovereign Central Very important Very strong Very high Telecommunication

China National Gold Group Co. Ltd.

BBB/Stable/-- bb 3 Central Important Very strong High Metals & mining

China National Offshore Oil Corp.

A+/Stable/-- a 1 Central Critical Very strong Extremely high Oil & gas

China National Petroleum Corp.

A+/Stable/-- a+ 0 Central Critical Very strong Extremely high Oil & gas

China Petrochemical Corp.

A+/Stable/A-1 a 1 Central Critical Very strong Extremely high Oil & gas

China Petroleum & Chemical Corp.

A+/Stable/-- a 1 Central Critical Very strong Extremely high Oil & gas

China Railway Construction Corp. Ltd.

A-/Stable/-- bbb 2 Central Important Very strong High Engineering & construction

China Railway Group Ltd.

BBB+/Stable/-- bb+ 3 Central Important Very strong High Engineering & construction

China State Construction Engineering Corp. Ltd.

A/Stable/-- bbb+ 2 Central Important Very strong High Engineering & construction

China Tourism Group Corp. Ltd.

A-/Stable/-- bbb 2 Central Important Very strong High Media, entertainment & leisure

CITIC Group Corp.

BBB+/Stable/A-2 bb 4 Central Very important Very strong Very high Conglomerates

CNOOC Ltd.

A+/Stable/-- a 1 Central Critical Very strong Extremely high Oil & gas

CRRC Corp. Ltd.

A+/Stable/-- a 1 Central Very important Very strong Very high Capital goods

Guangdong Hengjian Investment Holding Co. Ltd.

A/Stable/-- bb+ 5 Guangdong province Critical Very strong Extremely high Investment holding company

Jinjiang International Holding Co. Ltd.

BBB-/Negative/-- bb- 3 Shanghai municipality Important Very strong High Media, entertainment & leisure

Power Construction Corp. of China

BBB+/Stable/-- bb+ 3 Central Important Very strong High Engineering & construction

Shandong Gold Group Co. Ltd.

BBB-/Stable/-- bb- 3 Shandong province Important Very strong High Metals & mining

Shanghai Construction Group Co. Ltd.

BBB/Stable/-- bb+ 2 Shanghai municipality Limited importance Very strong Moderately high Engineering & construction

Shanghai Electric Holdings Group Co. Ltd.

BBB/Negative/-- bb- 4 Shanghai municipality Very important Very strong Very high Capital goods

Shanghai Huayi (Group) Co.

BBB/Stable/-- bb+ 2 Shanghai municipality Limited importance Very strong Moderately high Chemicals

Shenzhen Investment Holdings Co. Ltd.

A/Stable/-- bbb 3 Shenzhen city Very important Very strong Very high Investment holding company

State Development & Investment Corp.

A/Stable/-- bbb- 4 Central Critical Very strong Extremely high Investment holding company
Note: Ratings as of Apr. 24, 2023. SACP--Stand-alone credit profile. GRE--Government related entity. Source: S&P Global Ratings.

Table 2

GRE List--Utilities And Infrastructure
Ratings and outlook SACP Notches up from the SACP Related government Role Link Likelihood of support Industry

Beijing Environment Sanitation Engineering Group Co. Ltd.

BBB/Stable/-- bb 3 Beijing municipality Important Very strong High Utility

Beijing Infrastructure Investment Co. Ltd.

A+/Stable/-- bb- 8 Beijing municipality Critical Integral Almost certain Transportation

China General Nuclear Power Corp.

A-/Stable/-- bb+ 4 Central Very important Very strong Very high Utility

China Huadian Corp. Ltd.

A-/Stable/-- bb+ 4 Central Very important Very strong Very high Utility

China Huaneng Group Co. Ltd.

A-/Stable/-- bb+ 4 Central Very important Very strong Very high Utility

China Southern Power Grid Co. Ltd.

A+/Stable/-- a 1 Central Critical Very strong Extremely high Utility

China Three Gorges Corp.

A/Stable/-- bbb+ 2 Central Critical Very strong Extremely high Utility

Gansu Provincial Highway Aviation Tourism Investment Group Co. Ltd.

BBB+/Stable/-- bb- 5 Gansu province Critical Integral Almost certain Transportation

Guangdong Energy Group Co. Ltd.

A-/Stable/-- bbb- 3 Guangdong province Very important Very strong Very high Utility

Guangdong Provincial Communications Group Co. Ltd.

A/Stable/-- bbb- 4 Guangdong province Critical Very strong Extremely high Infrastructure

Hangzhou Qiantang New District Industrial Development Group Co. Ltd.

BBB-/Stable/-- b+ 4 Hangzhou city Very important Very strong Very high Infrastructure

Nanjing Yangzi State-Owned Assets Investment Group Co. Ltd.

BBB+/Stable/-- b 7 Nanjing city Very important Integral Extremely high Infrastructure

Qingdao Conson Development (Group) Co. Ltd.

BBB/Stable/-- b 6 Qingdao city Very important Integral Extremely high Infrastructure

Shanghai International Port (Group) Co. Ltd.

A+/Stable/-- a+ 0 Shanghai municipality Very important Strong High Transportation

Shanghai Lingang Economic Development (Group) Co. Ltd.

BBB+/Stable/-- b+ 6 Shanghai municipality Very important Integral Extremely high Infrastructure

Shenergy (Group) Co. Ltd.

A/Stable/-- a- 1 Shanghai municipality Very important Very strong Very high Utility

Shenzhen International Holdings Ltd.

BBB/Stable/-- bb+ 2 Shenzhen city Important Strong Moderately high Transportation

State Grid Corp. of China

A+/Stable/-- a+ 0 Central Critical Very strong Extremely high Utility

State Power Investment Corp. Ltd.

A-/Stable/-- bb+ 4 Central Very important Very strong Very high Utility

Wuxi Communications Industry Group Co. Ltd.

BBB/Stable/-- b 6 Wuxi city Very important Integral Extremely high Transportation

Yangzhou Economic and Technological Development Zone Development (Group) Co. Ltd.

BB+/Stable/-- b- 5 Yangzhou city Very important Integral Extremely high Infrastructure
Note: Ratings as of Apr. 24, 2023. SACP--Stand-alone credit profile. GRE--Government related entity. Source: S&P Global Ratings.

Table 3

GRE List--Financial Institutions And Insurance
Org Legal Name Ratings and outlook SACP Notches up from the SACP Related government Role Link Likelihood of support Industry

Agricultural Bank of China Ltd.

A/Stable/A-1 bbb+ 2 Central Critical Very strong Extremely high Bank

Agricultural Development Bank of China

A+/Stable/A-1 NA N/A Central Critical Integral Almost certain Policy bank

Bank of China Ltd.

A/Stable/A-1 a- 1 Central Critical Very strong Extremely high Bank

Bank of Chongqing Co. Ltd.

BBB-/Stable/A-3 bb 2 Chongqing municipality Important Strong Moderately high Bank

Bank of Communications Co. Ltd.

A-/Stable/A-2 bbb- 3 Central Very important Very strong Very high Bank

China Bohai Bank Co. Ltd.

BBB-/Negative/A-3 bb 2* Tianjin municipality Important Strong Moderately high Bank

China Cinda Asset Management Co. Ltd.

BBB+/Stable/A-2 bb 4 Central Very important Very strong Very high NBFI

China Construction Bank Corp.

A/Stable/A-1 bbb+ 2 Central Critical Very strong Extremely high Bank

China Development Bank

A+/Stable/A-1 NA N/A Central Critical Integral Almost certain Policy bank

China Export & Credit Insurance Corp.

A+/Stable/-- NA N/A Central Critical Integral Almost certain Insurance

China Galaxy Securities Co. Ltd.

BBB/Stable/A-2 bbb- 1 Central Limited importance Strong Moderate NBFI

China Great Wall Asset Management Co. Ltd.

BBB/Stable/A-2 bb- 4 Central Very important Very strong Very high NBFI

China Huarong Asset Management Co. Ltd.

BBB-/Stable/A-3 b+ 4 Central Very important Very strong Very high NBFI

China International Capital Corp. Ltd.

BBB+/Stable/A-2 bbb 1 Central Important Strong Moderately high NBFI

China Jianyin Investment Ltd.

A/Stable/A-1 bb+ 5 Central Very important Integral Extremely high NBFI

China Life Insurance Co. Ltd.

A+/Stable/-- a 1 Central Very important Very strong Very high Insurance

China Orient Asset Management Co. Ltd.

BBB/Stable/A-2 bb- 4 Central Very important Very strong Very high NBFI

China Reinsurance (Group) Corp.

A/Stable/-- a- 1 Central Important Very strong High Insurance

China Taiping Insurance Group (HK) Co. Ltd.§

BBB+/Negative/A-2 bbb+ 2 Central Important Very strong High Insurance

China Zheshang Bank Co. Ltd.

BBB-/Stable/A-3 bb 2 Zhejiang province Important Strong Moderately high Bank

CITIC Securities Co. Ltd.

BBB+/Stable/A-2 bbb 1 Central Important Limited Moderate NBFI

CSC Financial Co. Ltd.

BBB+/Stable/A-2 bbb 1 Beijing municipality Limited importance Very strong Moderately high NBFI

Export-Import Bank of China (The)

A+/Stable/A-1 NA N/A Central Critical Integral Almost certain Policy bank

GF Securities Co. Ltd.

BBB/Stable/A-2 bbb- 1 Guangdong province Limited importance Strong Moderate NBFI

Guangzhou Finance Holdings Group Co. Ltd.

BBB+/Negative/A-2 bb 4 Guangzhou city Very important Very strong Very high NBFI

Guosen Securities Co. Ltd.

BBB/Stable/A-2 bb+ 2 Shenzhen city Limited importance Very strong Moderately high NBFI

Guotai Junan Securities Co. Ltd.

BBB+/Stable/A-2 bbb 1 Shanghai municipality Limited importance Very strong Moderately high NBFI

Haitong Securities Co. Ltd.

BBB/Stable/A-2 bb+ 2 Shanghai municipality Limited importance Very strong Moderately high NBFI

Hangzhou Finance And Investment Group Co. Ltd.

BBB/Stable/A-2 bb- 4 Hangzhou city Very important Very strong Very high NBFI

Hua Xia Bank Co. Ltd.

BBB-/Stable/A-3 bb 2 Beijing municipality Important Strong Moderately high Bank

Huatai Securities Co. Ltd.

BBB+/Stable/A-2 bbb 1 Jiangsu province Limited importance Very strong Moderately high NBFI

Industrial and Commercial Bank of China Ltd.

A/Stable/A-1 bbb+ 2 Central Critical Very strong Extremely high Bank

Orient Securities Co. Ltd.

BBB-/Stable/A-3 bb+ 1 Shanghai municipality Limited importance Strong Moderate NBFI

Postal Savings Bank of China Co. Ltd.

A/Stable/A-1 bbb 3 Central Critical Very strong Extremely high Bank

Shanghai Pudong Development Bank Co. Ltd.

BBB/Stable/A-2 bb 3 Shanghai municipality Important Very strong High Bank

Shanghai Rural Commercial Bank Co. Ltd.

BBB/Stable/A-2 bb+ 2 Shangha Important Strong Moderately high Bank

Shenwan Hongyuan Securities Co. Ltd.

BBB/Stable/A-2 bbb- 1 Central Limited importance Strong Moderate NBFI

Zhongrong International Trust Co. Ltd.

BB+/Stable/B bb 1 Central Important Limited Moderate NBFI

Zhongtai Securities Co. Ltd.

BBB-/Stable/A-3 bb+ 1 Shandong province Limited importance Very strong Moderately high NBFI
Note: Ratings as of Apr. 24, 2023. N/A--Not applicable. *Uplift based on systemic importance. §The issuer credit rating is two notches below the group credit profile, which accounts for the structural subordination of the holding company's creditors versus the policyholders of its insurance subsidiaries. SACP--Stand-alone credit profile. GRE--Government-related entity. NBFI--Nonbanking financial institutions. Source: S&P Global Ratings.

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Related Research

This report does not constitute a rating action.

Primary Credit Analyst:Charles Chang, Hong Kong (852) 2533-3543;
charles.chang@spglobal.com
Secondary Contacts:Susan Chu, Hong Kong (852) 2912-3055;
susan.chu@spglobal.com
WenWen Chen, Hong Kong + 852 2533 3559;
wenwen.chen@spglobal.com
Jenny Chan, Hong Kong +852 25333570;
jenny.chan@spglobal.com
Claire Sun, Hong Kong +852 25328023;
claire.sun@spglobal.com

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