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The downgrade reflects growing evidence that authorities will have to provide financial support for debt-laden local governments and state firms, posing broad risks to China's fiscal, economic and institutional strength, Moody's said in a statement.
The rating agency Moody's downgraded the outlook on China's credit rating to 'negative' from 'stable' Tuesday due to soaring debt in the...
Sales driven by rising incomes, housing shortage, govt subsidies
Zhongzhi Enterprise, one of China's biggest shadow banks, has lent billions to real estate firms.
For the first time, Beijing may let may let banks offer unsecured short-term loans to the 50 developers on the list.