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.
  • SUMMARY
  • REPORTS

  • SECTOR COMMENT
    30 Mar 2020|Moody's Investors Service
    RLGs will have greater flexibility in allocating land resources, increasing construction land availability. Developed regions will benefit the most as they face more land supply constraints.

    SECTOR COMMENT
    27 Mar 2020|Moody's Investors Service
    Accelerated infrastructure spending will lead to rising RLG debt burdens amid weaker revenue growth due to the coronavirus pandemic, and successive tax and fee cuts in 2019.

    SECTOR COMMENT
    10 Mar 2020|Moody's Investors Service
    The introduction of exchange offers in China's onshore bond market has the potential to help bond issuers manage their maturing debt amid the slowing domestic economy and rising defaults.

    SECTOR COMMENT
    24 Feb 2020|Moody's Investors Service
    The outbreak may delay or reduce the funding LGFVs receive from their RLG owners. But LGFVs will continue to receive support and maintain access to funding, which will help them refinance.
    SECTOR COMMENT
    20 Feb 2020|Moody's Investors Service
    Slower economic growth in China increases the risk of zero growth or even a contraction in general budgetary revenue for regional and local governments in 2020. However, the impact will vary across regions, and those that are currently most affected by the virus outbreak have stronger financial profiles.
    Foundations of credit in China
    PODCAST
    09 Mar 2020|Moody's Investors Service
    Sally Yim and Jessie Tung of the Sub-Sovereign team discuss the growth in the number of financial holding companies owned by Chinese regional and local governments as well as recent regulatory changes in the sector. According to their analysis, the new regulations will change the sector’s business mix and improve risk management.>> Read the report
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    SECTOR IN-DEPTH
    21 Oct 2019|Moody's Investors Service
    Our regional heat map of China reveals areas of potential risk by looking at RLG, SOE and banking indicators.
    SECTOR IN-DEPTH
    30 Jul 2019|Moody's Investors Service
    Government-related issuers (GRIs) engaged in public policy and owned by upper-tier RLGs are more likely to receive support if needed than GRIs carrying out commercial activities and owned by lower-tier RLGs.

    SECTOR IN-DEPTH
    20 Feb 2020|Moody's Investors Service
    Slower growth of China's high- and mid-end technology sectors, a key strategic priority for the Chinese government, would disrupt the country's economic development plans.

    SECTOR IN-DEPTH
    14 Feb 2020|Moody's Investors Service
    This report summarizes the question-and-answer portion of our 7 February webinar on the credit effects of the coronavirus on economies, companies, banks and structured finance deals in APAC.

    KEY CONTACTS
    Lillian Li
    VP, Senior Credit Officer
    Lillian.Li@moodys.com
    • Series
    • Moody's Investors Service
    • LGFV Bond Monitor
    • LGFV bonds are a growing asset class, as indicated by continued strong issuance
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