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鈥楥redit-positive鈥 reforms help rating
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China’s sovereign rating will remain stable because its market-oriented reforms are “credit-positive,” Moody’s said yesterday.
“We have a stable sovereign rating outlook on China and expect that economic growth will remain relatively robust, albeit at a slower rate of around 7.5 percent in 2014,’’ Tom Byrne, senior vice president of Moody’s Investors Service, said in yesterday.
“Reform measures, including perfecting a modern market system and unifying urban and rural development, will be credit positive for China,’’ he said in Shanghai.
The measures are part of a package of reforms released after the third plenum of the Central Committee of the Communist Party of China, which stressed that the market should play a decisive role.
Moody’s also outlined four potential downside risks in the medium term — debt build-up in local government financing vehicles, a boom in shadow banking, financial health problems of the state-owned industrial sector, and social tensions related to urbanization and property rights.
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