China’s sovereign credit rating has been cut by a big international agency for the first time since 1999 with Fitch raising concerns yesterday that the country’s rising debt problems will require a government bailout.
Fitch cut China’s long-term local currency rating from AA- to A+ yesterday, citing “underlying structural weaknesses” including low average incomes, lagging standards of governance and a rapid expansion of credit.
It also warned of the growing risks from the rise of shadow banking and said total credit in China may have reached 198 per cent of gross domestic product by the end of last year, up from 125 per cent in 2008.
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