China's Finance Ministry Denounces Fitch Ratings Report

Workers wait for transport outside a construction site in Beijing, Tuesday, April 9, 2024. China’s Finance Ministry has denounced a report by Fitch Ratings that kept its sovereign debt rated at A+ but downgraded its outlook to negative, saying in a statement that China’s deficit is at a moderate and reasonable level and risks are under control. A woman reacts near a dragon sculpture outside a restaurant in Beijing, Tuesday, April 9, 2024.

The Finance Ministry said it was a “pity” that Fitch had downgraded its sovereign debt and faulted its methods, saying it had failed to take into account Beijing’s moves toward “appropriately intensifying, improving quality and efficiency” of its government spending. Tax relief measures and weaker property investments, which are usually a main source of local tax revenue, have eroded the government’s capacity to collect tax revenues to offset higher spending, the report said.

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Stock market today: Asian markets are mixed, Shanghai falls as Fitch lowers China's rating outlookShares are mixed in Asia after U.S. stock indexes held at a near standstill ahead of some potentially market-moving reports. Hong Kong gained nearly 2% while Shanghai fell after Fitch Ratings lowered its outlook for China's public finances. On Tuesday, the S&P 500 edged up 0.1% after barely budging the day before.
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Asian stocks firm, take Fitch's China downgrade in their strideAsian stocks firm, take Fitch's China downgrade in their stride
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Stock market today: Asian markets are mixed, Shanghai falls as Fitch lowers China's rating outlookShares are mixed in Asia after U.S. stock indexes held at a near standstill ahead of some potentially market-moving reports.
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