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.

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991 Documents

Title	Issuer/Entity
Regional & Local Governments – China: New policy granting greater autonomy over land conversion will support fiscal revenues 30 MAR 2020\|Sector Comment\|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.
Cross Sector – China: Quarterly Shadow Banking Montior Mar 2020 (Slides) 30 MAR 2020\|Sector In-Depth\|MOODY'S INVESTORS SERVICE Even though the available data covers only the first two months of 2020, the impact of the coronavirus on credit supply can already be seen.
Construction – Global: Business conditions deteriorating in US, Europe, Australia; activity resuming in China 27 MAR 2020\|Sector Comment\|MOODY'S INVESTORS SERVICE Construction activity is slowing around the globe amid disruptions from the coronavirus outbreak and weak commodity prices, but activity is resuming in China.
Regional & Local Governments – China: Plans to accelerate infrastructure spending will lead to higher debt burdens and financial risks 27 MAR 2020\|Sector Comment\|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.
Province of Zhejiang (China): 2020 Update 26 MAR 2020\|Issuer Profile\|MOODY'S INVESTORS SERVICE A summary profile, detailing the province of Zhejiang's key economic and financial highlights.	Zhejiang, Province of
Province of Henan (China): 2020 Update 26 MAR 2020\|Issuer Profile\|MOODY'S INVESTORS SERVICE A summary profile, detailing the province of Henan's key economic and financial highlights.	Henan, Province of
Province of Guizhou (China): 2020 Update 26 MAR 2020\|Issuer Profile\|MOODY'S INVESTORS SERVICE A summary profile, detailing the province of Guizhou's key economic and financial highlights.	Guizhou, Province of
Banks – China: PBOC's reserve requirement cut will help ease profitablity pressure, a credit positive for the affected banks 18 MAR 2020\|Sector Comment\|MOODY'S INVESTORS SERVICE A lower reserve requirement ratio will allow banks to increase asset yields by holding less cash on reserve at the central bank, partially relieving pressure on their profitability.
Financial Institutions – China: Recapitalization of Bank of Jinzhou will help mitigate contagion risk, a credit positive 16 MAR 2020\|Sector Comment\|MOODY'S INVESTORS SERVICE The plan reinforces regulators' determination to stem contagion risks in the banking system.
Auto ABS – China: Delinquencies will continue to increase on coronavirus fallout after spiking in January 11 MAR 2020\|Sector In-Depth\|MOODY'S INVESTORS SERVICE Chinese auto ABS delinquency rates, which increased to the highest level since 2016 in January 2020, will continue to increase as the coronavirus outbreak hurts the Chinese economy.

Title	Issuer/Entity
Regional & Local Governments – China: New policy granting greater autonomy over land conversion will support fiscal revenues 30 MAR 2020\|Sector Comment\|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.
Cross Sector – China: Quarterly Shadow Banking Montior Mar 2020 (Slides) 30 MAR 2020\|Sector In-Depth\|MOODY'S INVESTORS SERVICE Even though the available data covers only the first two months of 2020, the impact of the coronavirus on credit supply can already be seen.
Construction – Global: Business conditions deteriorating in US, Europe, Australia; activity resuming in China 27 MAR 2020\|Sector Comment\|MOODY'S INVESTORS SERVICE Construction activity is slowing around the globe amid disruptions from the coronavirus outbreak and weak commodity prices, but activity is resuming in China.
Regional & Local Governments – China: Plans to accelerate infrastructure spending will lead to higher debt burdens and financial risks 27 MAR 2020\|Sector Comment\|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.
Province of Zhejiang (China): 2020 Update 26 MAR 2020\|Issuer Profile\|MOODY'S INVESTORS SERVICE A summary profile, detailing the province of Zhejiang's key economic and financial highlights.	Zhejiang, Province of
Province of Henan (China): 2020 Update 26 MAR 2020\|Issuer Profile\|MOODY'S INVESTORS SERVICE A summary profile, detailing the province of Henan's key economic and financial highlights.	Henan, Province of
Province of Guizhou (China): 2020 Update 26 MAR 2020\|Issuer Profile\|MOODY'S INVESTORS SERVICE A summary profile, detailing the province of Guizhou's key economic and financial highlights.	Guizhou, Province of
Banks – China: PBOC's reserve requirement cut will help ease profitablity pressure, a credit positive for the affected banks 18 MAR 2020\|Sector Comment\|MOODY'S INVESTORS SERVICE A lower reserve requirement ratio will allow banks to increase asset yields by holding less cash on reserve at the central bank, partially relieving pressure on their profitability.
Financial Institutions – China: Recapitalization of Bank of Jinzhou will help mitigate contagion risk, a credit positive 16 MAR 2020\|Sector Comment\|MOODY'S INVESTORS SERVICE The plan reinforces regulators' determination to stem contagion risks in the banking system.
Auto ABS – China: Delinquencies will continue to increase on coronavirus fallout after spiking in January 11 MAR 2020\|Sector In-Depth\|MOODY'S INVESTORS SERVICE Chinese auto ABS delinquency rates, which increased to the highest level since 2016 in January 2020, will continue to increase as the coronavirus outbreak hurts the Chinese economy.