Fitch Cuts Outlook China’s Credit Rating Based on Growth Risks

Fitch cuts China’s ratings outlook on growth risks April 9, 2024 10:34 PM GMT-7 Fitch cut its outlook on China’s sovereign credit rating to negative on Wednesday, citing risks to public finances as the economy faces increasing uncertainty in its shift to new growth models. The downgrade follows a similar move by Moody’s in December and comes as Beijing ratchets up efforts to spur a feeble post-COVID recovery in the world’s second-largest economy with fiscal and monetary support. “Fitch’s outlook revision reflects the more challenging situation in China’s public finance regarding the double whammy of decelerating growth and more debt,”…