BEIJING -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.) 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.
A protracted property downturn has weighed heavily on debt-laden local governments as their revenues from land development plunged, rendering debt levels in many cities unsustainable. Fitch forecast China's economic growth would slow to 4.5% in 2024 from 5.2% last year, while the International Monetary Fund expects China's GDP to grow 4.6% this year.Factory output and retail sales topped forecasts in January-February, following better-than-expected exports and consumer inflation indicators.
China plans to run a budget deficit of 3% of economic output, down from a revised 3.8% last year. Crucially, it plans to issue 1 trillion yuan in special ultra-long term treasury bonds, which are not included in the budget.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNBC - 🏆 12. / 72 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »
Source: KUTV2News - 🏆 281. / 63 Read more »