China local government debt "out of control"
April 17th, 2013
China’s local governments are “out of control,” an official from the Chinese accounting association has said amid debt concerns raised by international institutions and rating agencies. Zhang Ke, head of top Chinese accounting firm ShineWing, said his firm had mostly stopped signing off local government bond issues and warned that China’s debt could spark a …
Fitch downgrades China's credit rating
April 10th, 2013
Fitch Ratings on Tuesday downgraded China’s sovereign credit rating for the first time in over a decade, highlighting concerns of a credit build-up in the world’s second-largest economy. Fitch lowered China’s long-term local currency rating from from AA- to A+, the first major international agency to cut China’s sovereign credit rating since 1999. The agency …