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.

    15 Mar 2023|Moody's Investors Service
    China's reopening and a policy focus on growth rather than regulatory tightening will likely drive a recovery of private consumption and stabilization of the property market this year.

    sector comment
    02 Mar 2023|Moody's Investors Service
    The exit from coronavirus restrictions and shift in government focus to growth from regulatory tightening and deleveraging will likely lead to stronger activity than we previously expected.

    Sector in-depth
    01 Mar 2023
    We answer some frequently asked questions about how recent government support measures for China's property sector affect sales, developers, banks and residential mortgage-backed securities.

    Sector In-Depth
    15 Feb 2023|Moody's Investors Service
    A curtailed role for property could ultimately improve investment allocation and productivity growth but raises the risk of policy mistakes, the cost of which could fall on the government.

    Sector Comment
    13 Feb 2023
    While the extent of growth from the policy shift is currently uncertain, we expect a clearer view on policy support after the Two Sessions meetings in March.

    09 Feb 2023|Moody's Investors Service
    The rebound in activity will continue, but spending caution, possible future waves of the coronavirus, and a slow recovery in demand for property will dampen the pace of economic expansion.

    Sector In-Depth
    17 Jan 2023|Moody's Investors Service
    China's long-term growth prospects will likely continue to slow, with negative effects on emerging market economies with significant trade exposure to China and high reliance on foreign financing.

    09 Jan 2023|Moody's Investors Service
    Land sales, a key source of funding for China’s regional and local governments, will be sluggish in 2023. Contingent liabilities will build as authorities boost growth with infrastructure investment.

    Sector in-depth
    27 Sep 2022|Moody's Investors Service

    Strained access to funding intensifies underlying pressures from weak growth and finances, and could reduce the capacity of some provinces to support their state-owned enterprises.

    20 Jul 2022|Moody's Investors Service
    Geopolitical developments and COVID-19 restrictions have highlighted supply chain concerns. Still, China's large domestic market and a lack of scaled regional alternatives continue to underpin the country's attractiveness to multinational companies.

    Issuer In-Depth
    14 Jun 2022|Moody's Investors Service
    After a promising recovery in China's economic growth in 2021 and early 2022, the spread of coronavirus infections and subsequent restrictions reduced activity significantly in several of the country’s biggest cities. While support measures will prop up growth with limited gains in general government debt, the funding gap for regional and local governments will increase, driving greater dependence on state-owned enterprises and local government financing vehicles for funding.

    Sector In-Depth
    13 Apr 2022|Moody's Investors Service
    LGFVs continue to help RLGs in filling their funding gaps in infrastructure investment. The evolving LGFV business model and government support channels drive further credit differentiation.

    Sector In-Depth
    24 Mar 2022|Moody's Investors Service
    Revenue growth from local governments' land sales will likely remain weak in 2022. Slowing income growth will pressure their fiscal profiles and reduce their capacity to support their LGFVs.

    Moody's Creditview - China
    23 Nov 2021|Moody's Corporation
    The new Moody’s CreditView China provides you with the data transparency and quality you need to confidently assess and globally compare the largest Chinese bond issuers.

    Sector in-depth
    11 Mar 2022|Moody's Investors Service
    China’s ambitious growth target amid rising economic stress and external uncertainty to push up leverage, debt ratio; credit impact relies on growth outturn, effectiveness of implementation.
    26 Jan 2022|Moody's Investors Service
    Asian high-yield issuance is shrinking as credit quality deteriorates amid China property sector turmoil.
    27 Jan 2022|Moody's Investors Service
    We expect national contracted sales to decline 5%-10% in 2022 amid the tightened credit environment. Funding access will stay constrained, leading to higher refinancing risks for the sector. 
    27 Jan 2022|Moody's Investors Service
    Solid growth is providing the conditions to address some longstanding issues in China’s economy. We expect public sector leverage will stabilize in 2022 and gradually ease thereafter.