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Fitch cuts China’s sovereign credit rating

IANS
Updated: April 10th, 2024, 14:56 IST
in Business, International
0
Fitch Ratings (AFP)

Fitch Ratings (AFP)

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New Delhi: Global rating agency Fitch has downgraded China’s sovereign credit rating from stable to negative, citing concerns over the country’s rising fiscal deficit.

Fitch’s projections anticipate a rise in the general government deficit to 7.1 per cent of Gross Domestic Product (GDP) in 2024, up from 5.8 per cent recorded in 2023.

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“The outlook revision reflects increasing risks to China’s public finance outlook as the country contends with more uncertain economic prospects amid a transition away from property-reliant growth to what the government views as a more sustainable growth model,” Fitch said.

The downgrade follows a similar move by Moody’s in December. There has been a massive crash in China’s real estate sector, and the country is now trying to revive growth with a more balanced approach to promote other sectors of the economy.

While it lowered its ratings to a negative outlook from “stable”, indicating a downgrade is possible over the medium term, the Fitch affirmed China’s issuer default rating at ‘A+’.

IANS

Tags: ChinaFitch
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