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China makes big progress on reform and rebalancing: Moody’s
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China has made substantial progress on reforming and rebalancing its economy, since the government committed to deep reforms during a high level economic meeting in November 2013, Moody’s Investors Service said today.
"Substantial progress has been made on reform and rebalancing, and the general direction of government policy is supported by important initiatives such as the anti-corruption campaign and the Belt and Road initiative," said Michael Taylor, a Moody's Managing Director and Chief Credit Officer for Asia Pacific.
Efforts have been made to direct the economy away from state-led, capital intensive investment towards private consumption; lower the economy's dependence on credit-fuelled growth; implement policies that will allow markets to play a decisive role; and ensure that short-term growth does not fall substantially below the government's target of around 7 percent, Moody’s said.
But it also pointed out two main risks including price corrections of real estate and equities, and rapid and ill-prepared liberalization of capital account.
Though China’s house market has stabilized under supportive monetary and regulatory polices, it will take some time before substantial new construction projects are undertaken, Moody’s said.
The agency maintained its position that China's economy will avoid a hard landing because of the numerous policy tools available to support a managed slowdown.
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