Moody鈥檚 sees no crisis from slowdown
Print Edition
CHINA’S economic slowdown will continue but a financial crisis is unlikely, Moody’s Investors Service said yesterday.
The country’s gross domestic product growth is likely to slow to 6.5 percent or lower next year, down from just under 7 percent in 2015, showed a Moody’s survey, which covered 130 respondents in London, Paris and New York.
Industries with overcapacity problems and facing deterioration in asset quality is a concern for Chinese banks but the majority of the respondents polled believe that the Chinese authorities possess the tools to avert a banking crisis.
But offshore investors were undecided on the attractiveness of China’s nascent municipal bond market, with only a quarter of the respondents seeing it as attractive.
Regional and local governments issued 2.9 trillion yuan (US$458 billion) in new bonds in the first 10 months of this year, and the figure is set to rise to 3.8 trillion yuan by the end of the year, Moody’s said.
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