Posted 4/10/2024, 2:42:30 PM
Fitch Downgrades China's Credit Outlook Over Surging Debt Levels
- Fitch downgrades China's credit rating outlook to Negative from Stable due to growing debt concerns
- China's debt-to-GDP ratio has climbed to a record high of 287%
- Property sector downturn has led to plunge in land development, impacting local governments
- Central government now shouldering more debt load as fiscal spending expected to accelerate
- IMF estimates China's growth slowing to 4.6% with debt picture worsening