Fitch downgrades China's credit outlook to negative due to public finance risks and concerns over economic growth models.
Ratings agency Fitch downgraded China's sovereign credit outlook to negative due to increasing risks to the country's public finances and concerns over the nation's shift to new economic growth models. The agency expects China's GDP growth to slow to 4.5% in 2024, with the general government deficit rising to 7.1% of GDP in 2024 from 5.8% in 2023. While Fitch maintained China's A+ rating, it noted concerns over China's transition away from property-led growth and its increasing fiscal deficits and government debt.
April 10, 2024
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