Fitch warns of downside risks
Print Edition
CHINA’S slower economic growth in the first quarter was expected but Fitch predicted that downside risks due to a real estate correction and weaker corporate hiring intentions may lead to more policy easing this year.
The slowdown in China’s economic growth to 7 percent year on year in the first three months, the lowest in six years, was due to credit controlling measures the People’s Bank of China implemented last June, the rating agency said in a report.
Fitch expects the PBOC’s two cuts in the bank reserve requirement and two reductions in interest rates since last November to lift the economy in the second half of this year as growth normally tends to respond to changes in credit flow with a lag of about two quarters, but a cooling real estate and employment market poses threats.
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