China growth & credit

Credit risks evolve in China amid a structural economic shift, protracted adjustment in the property sector and changes in the regulatory and geopolitical environment.

Featured insights

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Jun 26, 2024 Moody's Ratings

Debt refinancing will be critical to LGFVs’ road map toward debt sustainability, although not sufficient

Infographic
LGFV

Jun 24, 2024 Moody's Ratings

Asset quality is a key credit differentiator among Chinese joint-stock commercial banks

Banks

Jun 24, 2024 Moody's Ratings

Chinese regional banks' consolidation improves credit quality, yet key issues persist

Regional Banks

Jun 20, 2024 Moody's Ratings

Effects of EU tariffs on Chinese electric vehicles are contained unless tensions escalate

Geopolitical
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Emerging drivers, enduring risks

What's next for China

China is pushing the development of new growth drivers, including electric vehicles and clean energy, but it faces challenges in the road ahead.

research

Jul 03, 2024

Moody's Ratings

Rising exports of Chinese internet-related and logistics services reflect improving competitiveness

Rated Chinese service providers face execution risks as they expand abroad to counter slowing domestic demand, but large cash buffers and low leverage will underpin their credit quality.

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research

Moody's Ratings

Tech and services sectors poised for early benefits from China’s AI push but risks remain

The Chinese government has encouraged the development and adoption of artificial intelligence in the past few years to enhance productivity and create added value for the economy.

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infographic

Moody's Ratings

Chinese firms speed up their overseas expansion but geopolitical tensions are a key hurdle

Higher value-added products and services produced by Chinese companies are making a greater contribution to exports as the country moves up the global value chain.

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research

Moody's Ratings

China's growing electric vehicle sector will boost economy, but at a cost to automakers

The EV industry will become a major contributor to China’s GDP by the end of the decade. But rising investments and costs for automakers come at a time of tougher market competition.

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research

Moody's Ratings

China faces a balancing act as it ramps up efforts to nurture new growth drivers

China's short-term macro slowdown is challenging its economic restructuring effort. Overreliance on state support for new growth sectors risks leading to overcapacity or resource misallocation.

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podcast

Moody's Ratings

China’s push to shift economic growth engines faces hurdles but will benefit some EMs

It will take time and effort for sectors like tech and EVs to drive China’s GDP growth, and geopolitics is a risk. But emerging markets supplying relevant goods and services to China stand to benefit.

Listen

Construction & homebuilding

Read more on global construction and homebuilding companies, including Chinese property developers.

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Local government financing vehicles

Read more on China’s local government financing vehicles, also known as LGFVs, that primarily finance, invest in and operate public infrastructure and social welfare projects on behalf of regional and local governments.

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More insights

research

Jun 12, 2024

Moody's Ratings

Lingering risk from property investments weighs on Chinese insurers’ profitability

The prolonged property slump in China is raising asset risks for insurers in the country because they have significant investments in the sector in various ways.

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research

Jun 11, 2024

Moody's Ratings

Chinese construction firms eye higher Belt and Road Initiative revenue as economy slows

Robust growth in new orders will support 10% to 15% annual growth in overseas revenue over the next two years. However, companies face significant execution, social and financial risks.

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research

Jun 04, 2024

Moody's Ratings

China’s debt swap program eases short-term liquidity risks but is not a long-term fix

The program's limited scale restricts the potential interest savings for local governments, which have high interest burdens and debt levels.

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research

May 30, 2024

Moody's Ratings

Asia-Pacific coal miners hold an edge, but long-term challenges remain significant

North American coal miners face a faster decline in demand, greater funding constraints and heightened social risks compared with their counterparts in Asia-Pacific.

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infographic

May 29, 2024

Moody's Ratings

China’s easing crude oil consumption will push global producers to manage supply

Slowing economic growth and an approaching peak in fuel consumption amid rapid adoption of alternative fuel vehicles will slow China’s demand for crude oil.

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research

May 29, 2024

Moody's Ratings

China property sales unlikely to improve despite supportive policies

National sales are likely to drop 10%-15% in 2024 because of lackluster economic activity in China and homebuyers' concerns about property completion risk.

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Upcoming and recent events

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event

Inside China with Moody's – A Tale of Two Markets: China's property sector diverges

Contracted real estate sales continue to decline as the Chinese government pursues a long-term strategy to transform the real estate sector, but we are seeing divergence between first- and second-tier cities, as well as between new and second-hand markets. Join our analysts to discuss the credit implications of these divergent trends.

On-demand replay

event

Inside China with Moody's - China NEVs: The rise of new energy vehicles and the implications on the economy

In this webinar, we’ll discuss the progress of and challenges facing China’s NEV industry, the impact on automakers, the investments needed to strengthen the infrastructure for NEVs and the implications for China’s auto loan ABS market.

On-demand replay

event

APAC REITs & REOCs

Join our analysts as they discuss the impact of credit trends on Asia-Pacific (APAC) real estate investment trusts (REITs) and real estate operating companies (REOCs).

On-demand replay

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Lillian Li

VP, Senior Credit Officer

Lillian.Li@moodys.com

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China growth & credit

Featured insights

Debt refinancing will be critical to LGFVs’ road map toward debt sustainability, although not sufficient

Asset quality is a key credit differentiator among Chinese joint-stock commercial banks

Chinese regional banks' consolidation improves credit quality, yet key issues persist

Effects of EU tariffs on Chinese electric vehicles are contained unless tensions escalate

What's next for China

Rising exports of Chinese internet-related and logistics services reflect improving competitiveness

Tech and services sectors poised for early benefits from China’s AI push but risks remain

Chinese firms speed up their overseas expansion but geopolitical tensions are a key hurdle

China's growing electric vehicle sector will boost economy, but at a cost to automakers

China faces a balancing act as it ramps up efforts to nurture new growth drivers

China’s push to shift economic growth engines faces hurdles but will benefit some EMs

Construction & homebuilding

Local government financing vehicles

More insights

Lingering risk from property investments weighs on Chinese insurers’ profitability

Chinese construction firms eye higher Belt and Road Initiative revenue as economy slows

China’s debt swap program eases short-term liquidity risks but is not a long-term fix

Asia-Pacific coal miners hold an edge, but long-term challenges remain significant

China’s easing crude oil consumption will push global producers to manage supply

China property sales unlikely to improve despite supportive policies

Upcoming and recent events

Inside China with Moody's – A Tale of Two Markets: China's property sector diverges

Inside China with Moody's - China NEVs: The rise of new energy vehicles and the implications on the economy

APAC REITs & REOCs

Contact us

Who We Serve

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Capabilities

Contact Us

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Who We Serve

Solutions

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About Us

Support

China growth & credit

Featured insights

Debt refinancing will be critical to LGFVs’ road map toward debt sustainability, although not sufficient

Asset quality is a key credit differentiator among Chinese joint-stock commercial banks

Chinese regional banks' consolidation improves credit quality, yet key issues persist

Effects of EU tariffs on Chinese electric vehicles are contained unless tensions escalate

What's next for China

Rising exports of Chinese internet-related and logistics services reflect improving competitiveness

Tech and services sectors poised for early benefits from China’s AI push but risks remain

Chinese firms speed up their overseas expansion but geopolitical tensions are a key hurdle

China's growing electric vehicle sector will boost economy, but at a cost to automakers

China faces a balancing act as it ramps up efforts to nurture new growth drivers

China’s push to shift economic growth engines faces hurdles but will benefit some EMs

Related topics

Construction & homebuilding

Local government financing vehicles

More insights

Lingering risk from property investments weighs on Chinese insurers’ profitability

Chinese construction firms eye higher Belt and Road Initiative revenue as economy slows

China’s debt swap program eases short-term liquidity risks but is not a long-term fix

Asia-Pacific coal miners hold an edge, but long-term challenges remain significant

China’s easing crude oil consumption will push global producers to manage supply

China property sales unlikely to improve despite supportive policies

Upcoming and recent events

Inside China with Moody's – A Tale of Two Markets: China's property sector diverges

Inside China with Moody's - China NEVs: The rise of new energy vehicles and the implications on the economy

APAC REITs & REOCs

Contact us

Who We Serve

Solutions

Capabilities

Contact Us

Moody's Integrity Hotline

Company Information

Regulatory