This is an automated archive made by the Lemmit Bot.
The original was posted on /r/worldnews by /u/Kimber80 on 2023-12-05 15:12:47.
Moody's cuts China credit outlook to negative, cites slowing economic growth, property crisis
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
https://apnews.com/article/moodys-china-rating-cut-negative-4d9105eb5c711a4bc7fc1f7db1f66c35
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
HONG KONG (AP) — Credit rating agency Moody’s cut its outlook for Chinese sovereign bonds to negative on Tuesday, citing risks from a slowing economy and a crisis in its property sector.
The world’s second-biggest economy had been slowing before a 2020 crackdown on excessive borrowing brought on defaults by dozens of property developers.
The outlook change also reflects the increased risks related to structurally and persistently lower medium-term economic growth,” Moody’s said in a statement.
“Since the beginning of this year, in the face of the complex and harsh international situations, and against the background of an unstable global economic recovery and weakening momentum, China’s macro economy has continued to recover and has been advancing steadily,” the ministry said, according to an online transcript of remarks at a Q&A session Tuesday.
The credit rating firm said it expects China’s economy to grow at a 4% annual pace in 2024 and 2025, slowing to an average of 3.8% for the rest of the decade.
China’s economy still has “huge development resilience and potential” and will remain an important engine for global economic growth in the future, the Finance Ministry said.
The original article contains 393 words, the summary contains 190 words. Saved 52%. I’m a bot and I’m open source!