China Growth & Credit
Policy uncertainties around trade, unforeseen events like coronavirus outbreak, as well as long-term structural challenges pose credit risks to China, increasing credit differentiation between domestic regions and sectors.
  • 概要
  • レポート
  • Cross-Sector
    SECTOR IN-DEPTH
    07 Jun 2021|Moody's Investors Service
    Key economic activity indicators point to China’s recovery having strengthened and become more broad based in H1 2021.
    Video
    26 Mar 2021|Moody's Investors Service
    Lillian Li of the Credit Strategy and Research team examines the outcomes of China’s closely watched annual policy meetings.
    SECTOR IN-DEPTH
    15 Mar 2021|Moody's Investors Service
    China’s draft Five-Year Plan emphasizes supply chain security, development of the technology sector and increased productivity. 

    SECTOR IN-DEPTH
    27 May 2021|Moody's Investors Service
    China’s goal to cut carbon dioxide emissions to net zero by midcentury will have credit implications for Chinese entities across sectors, with the biggest carbon-emitting industries the most exposed to energy transition risks.

    SECTOR IN-DEPTH
    24 May 2021|Moody's Investors Service
    The government is increasingly likely to withhold its support for certain distressed state-owned enterprises (SOEs) and allow losses to creditors through default or debt restructuring unless the likelihood of systemic risk from default is high. It is seeking to ensure stable funding for SOEs, but also narrow the range of SOEs that investors expect would receive support.

    SECTOR IN-DEPTH
    20 May 2021|Moody's Investors Service
    Rising SOE defaults have dampened investor confidence in the likelihood of direct government bailouts for financially distressed SOEs. 

    VIDEO
    Video
    27 Apr 2021|Moody's Investors Service
    We expect nationwide contracted sales will increase 5%-8% during the coming six to 12 months, inventory levels will remain healthy, and rated developers will maintain access to financing despite onshore credit tightening. Related report: Property – China: Stable outlook reflects solid sales growth, inventory levels, continued funding access

    SECTOR IN-DEPTH
    13 May 2021|Moody's Investors Service
    The Shanghai and Shenzhen stock exchange have tightened their guidelines for corporate bond issuance in an effort to limit weak companies' ability to access the onshore bond market and incur additional debt.

    SECTOR IN-DEPTH
    19 Apr 2021|Moody's Investors Service
    China's “dual circulation” strategy, which aims to reduce its dependence on foreign markets and improve its long-term technology development, is poised to alter the structure of the country's trade relationship with Japan and Korea. Nevertheless, we expect the decades-long integration of the three economies to continue expanding.

    SECTOR IN-DEPTH
    07 Apr 2021|Moody's Investors Service
     We continue to believe the Chinese government - central, regional and local - remains able and willing to provide extraordinary support to important SOEs, if needed to prevent default.

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    SECTOR IN-DEPTH
    25 Mar 2021|Moody's Investors Service
    The People's Bank of China has tightened regulation of financial holding companies (FHCs), as part of its broader effort to ensure the continued stability of the country's financial sector. It has two aims: ensuring the FHCs and their underlying financial institutions maintain good credit quality, and insulating the corporate owners' financial businesses from any potential contagion risk from the corporates' nonfinancial businesses.
    Sub-sovereign
    SECTOR IN-DEPTH
    26 Mar 2021|Moody's Investors Service
    The stability comes despite recent defaults by state-owned enterprises. But the geographic disparity in LGFV bond issuance will increase in 2021 because investors’ perception of government support for LGFVs in less developed regions will weaken further.
    SECTOR IN-DEPTH
    17 Mar 2021|Moody's Investors Service
    Hunan is a province with moderate credit risk; economic development concentrated in provincial capital Changsha. Hunan has a large LGFV sector dominated by LGFVs owned by provincial and Changsha governments. Hunan’s policies and measures to manage LGFV debt are credit positive for LGFVs in the province.
    ISSUER IN-DEPTH
    08 Mar 2021|Moody's Investors Service
    Hunan has recorded rapid GDP growth for more than two decades, boosted by policies focusing on urban and infrastructure development.

    お問い合わせ先
    Lillian Li
    VP, Senior Credit Officer
    Lillian.Li@moodys.com