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China's outlook upgraded to positive: Moody's

MOODY'S Investors Service has raised China's ratings outlook to positive from stable due to the country's strong economic performance, the ratings firm said today.

The rating action affects the government's A1 foreign and local currency bond ratings, the firm said.

"The Chinese authorities are successfully steering the economy through the turbulence of the global financial crisis and recession," said Tom Byrne, a Moody's senior vice president.

"Furthermore, they seem likely to remain vigilant to protect systemic stability from future threats and challenges."

China's economy expanded 8.9 percent year on year in the third quarter, up from the rise of 7.9 percent in the second quarter and 6.1 percent in the first quarter.

China is scheduled to post its October economic data tomorrow. Economists expect the data will show fresh proof of China's economic recovery.

Last week, the World Bank raised its forecast for China's economic growth this year to 8.4 percent from 7.2 percent.

Moreover, China's banking system is emerging from the crisis in a relatively strong position, Moody's said.

Moody's on October 22 announced a possible upgrade to the ratings on China's three largest banks -- Industrial and Commercial Bank, China Construction Bank and the Bank of China.


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