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China GRE Ratings List

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As of April 30, 2024, S&P Global Ratings rated 86 government-related entities (GREs) in China. These comprised 44 GREs owned by the Chinese central government and 42 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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Chart 3

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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 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 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
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-/Stable/-- 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 April 30, 2024. 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 7 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+/Negative/-- bb- 5 Gansu province Critical Very strong Extremely high 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 Transportation
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
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 April 30, 2024. SACP--Stand-alone credit profile. GRE--Government-related entity. Source: S&P Global Ratings.

Table 3

GRE list--Financial institutions and insurance
Organization 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 N/A 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 CITIC Financial Asset Management Co. Ltd. BBB-/Stable/A-3 b+ 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 N/A N/A Central Critical Integral Almost certain Policy Bank
China Export & Credit Insurance Corp. A+/Stable/-- N/A 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 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+/Stable/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 Group Corp. A-/Stable/A-2 bb+ 4 Central Very important Very strong Very high Conglomerates
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 N/A 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/Negative/A-2 bb+ 2 Shanghai municipality Limited importance Very strong Moderately high NBFI
Hangzhou Finance And Investment Group Co. Ltd. BBB/Negative/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 Shanghai municipality Important Strong Moderately high Bank
Shenwan Hongyuan Securities Co. Ltd. BBB/Stable/A-2 bbb- 1 Central Limited importance Strong Moderate NBFI
Zhongtai Securities Co. Ltd. BBB-/Stable/A-3 bb 2 Shandong province Limited importance Very strong Moderately high NBFI
Note: Ratings as of April 30, 2024. *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. N/A--Not applicable. NBFI--Nonbanking financial institution. Source: S&P Global Ratings.

Table 4

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Table 5

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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:Claire Sun, Hong Kong +852 25328023;
claire.sun@spglobal.com
Melody Peng, Hong Kong;
melody.peng@spglobal.com

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