High-Quality Development Research Report (2025) on Chinese County-Level State-Owned Platform Companies

On August 19, 2025, the Chongqing Sedee Industrial and Information Technology Research Institute Co., Ltd. (hereinafter referred to as "Sedee Chongqing") released the High-Quality Development Research Report (2025) on Chinese County-Level State-Owned Platform Companies (hereinafter referred to as "the Report"). The report is based on the principles of comprehensiveness, precision, objectivity, and multi-dimensionality, and has systematically built a high-quality development evaluation indicator system for Chinese county-level state-owned platform companies. For the first time, it has conducted comprehensive evaluations of high-quality development of these companies, resulting in the research achievement "China's Top 500 County-Level State-Owned Platform Companies with High-Quality Development"."

The research objects covered by this index are all domestic county-level state-owned platform companies, excluding the four directly governed municipalities, and managed or controlled by local governments or their functional departments (such as the national capital committee, finance bureau, etc.). This includes comprehensive national capital platform companies (such as those named after control, development, city investment, and national investment) and industry-specific national capital platform companies (such as those named after transport investment, production investment, etc.). The index comprehensively diagnoses the advantages and disadvantages of Chinese county-level state-owned platform companies, providing objective basis and powerful support for local governments to make precise decisions and optimize resource allocation.

The index is guided by new development concepts and focuses on high-quality development themes. It aims to assess the development level of county-level state-owned platform companies as its core goal. The system has built a comprehensive indicator system for evaluating the high-quality development of Chinese county-level state-owned platform companies, with four dimensions: operating development capacity, risk control capacity, capital operation capacity, and innovation driving capacity. This includes 8 second-tier indicators and 22 third-tier indicators.

The research institution pointed out that the top 500 high-quality development county-level state-owned platform companies have a strong financial health, operating innovation, and local economic contribution ability. On average, the total index of these companies is 102.04, which is higher than the benchmark value of 100, highlighting their leading role in regional resource allocation, asset preservation and appreciation, and sustainable development.

The research institution believes that the first-tier companies (1-100) have a significant advantage in operating development, risk control, capital operation, and innovation driving. From a regional perspective, most of these companies come from provinces such as Jiangsu, Zhejiang, Sichuan, Guangdong, and Hunan. The eastern region accounts for 69%, the central region for 13%, and the northeastern region for 2%.

The research institution emphasizes that county-level state-owned platform companies are both the core drivers of local economic development and the main implementers of infrastructure construction. Currently, they are accelerating their transformation from a "financing-dependent" to a "value-creating" type. Under this policy guidance, they should deepen their reform and activate their internal driving forces through five measures: pushing forward strategic reorganization and professional integration, deepening enterprise system and mechanism innovation, stimulating financial innovation and cash flow, promoting wisdom empowerment and algorithm enhancement, and building circular economic ecosystems around regional resources and advantageous industries.