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Moody’s Cut China Outlook to “Negative”
Moody’s Investors Service affirms its Aa3 debt rating for China but lowered its outlook for the country from “stable” to “negative.”
The investment rating service also warns that a downgrade is possible if China fails to move faster on economic reforms.
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Moody’s Investors Service affirms its Aa3 debt rating for China but lowered its outlook for the country from “stable” to “negative.”
The investment rating service also warns that a downgrade is possible if China fails to move faster on economic reforms. Without them, Moody’s says, the country’s growth will slow more significantly, and government debt will rise “more sharply than we currently expect.”
Uncertainty over China’s growth has roiled the global economy for months. Christine Lagarde, who heads the International Monetary Fund, has described the country’s list of needed structural reforms as “overwhelming.”
Last week Finance Minister Lou Jiwei assured a G20 meeting of financial ministers that China’s central government is in control as it slows the country’s growth to a sustainable pace. The head of the central bank added that the direction of reform is clear and won’t change, but he says the pace will vary.
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