Home>News Center>China
       
 

S&P's upgrades China's credit rating to A-
(Agencies)
Updated: 2005-07-20 15:28

HONG KONG - Standard & Poor's upgraded China's sovereign credit rating Wednesday, saying the government has made significant progress in reforms to its shaky financial system and state-owned enterprises.

S&P raised China's long-term foreign-currency rating by one notch, to A- from BBB+. The new level is four notches above a non-investment grade, or "junk" status, and puts S&P closer in line with other agencies' more positive views of China.

The Moody's Investors Service rating of A2 is five rungs above junk status, and Fitch's A- rating is four steps higher.

Ping Chew, S&P's analyst for China, said the combination of China's recent strong economic growth with continued reforms of state-owned enterprises and the banking system had produced a "virtuous cycle," helping reduce the likelihood that the government will have to undertake expensive bailouts in the future.

"When you have better restructuring in the SOEs — they have for example retrenched many employees since 2003 — this allows them to be less of a burden on banks and the government. That in turn boosts the quality of banks' lending portfolio and allows the government more flexibility," Chew told reporters.

He pointed to the government's recapitalization of Industrial & Commercial Bank of China, the country's largest bank, as a major example of the progress in banking reforms.

Chew noted that China's banking sector remains one of the weakest in the world, and he warned that a sharp economic downturn could put a heavy burden on the government.

Nevertheless, he expressed confidence that China's policymakers will be able to manage the economic cycle well, and noted that S&P has a positive outlook on its rating for China, meaning that further upgrades are possible.

The rating upgrade was announced the same day as the Chinese government said the economy grew by a blistering 9.5 percent in the first half of the year, supported by capital investment and despite government efforts to ease breakneck growth.



Typhoon Haitang hits Wenzhou
Japan's unjust ruling on germ warfare
Typhoon Haitang affects Hangzhou
  Today's Top News     Top China News
 

China's economy grows 9.5% in the first half

 

   
 

Bush: Sino-US relations 'vibrant, complex'

 

   
 

Pentagon: China's military strengthening

 

   
 

China to keep yuan basically stable this year

 

   
 

Typhoon forces evacuation of over 1 million

 

   
 

Haier, partners drop bid to buy Maytag

 

   
  Pentagon: China's military strengthening
   
  China automakers gear up to go overseas
   
  Edgar Snow centenary celebrated
   
  Co-host cities pin hopes on Games
   
  Johnson&Johnson painkiller investigated
   
  Typhoon forces evacuation of over 1 million
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  News Talk  
  It is time to prepare for Beijing - 2008  
Advertisement
         
主站蜘蛛池模板: 一级日韩一级欧美| 亚洲国产一区二区三区在线观看| 视频黄页在线观看| 国产福利一区二区三区在线视频 | 亚洲福利在线看| 精品人人妻人人澡人人爽人人| 国产乱叫456在线| 国产久视频观看| 国产精品任我爽爆在线播放| 99久久综合狠狠综合久久aⅴ| 好男人电影直播在线观看 | 在线A级毛片无码免费真人| 一二三四在线视频社区8| 手机在线观看av片| 久久久久久久久久久久久久久| 日韩美女在线观看一区| 亚洲人成无码网站久久99热国产 | 99久久国产综合精品成人影院| 嫩模bbw搡bbbb搡bbbb| 中文字幕国产视频| 日本一区二区三区四区视频 | 给我免费播放片黄色| 国产一区二区三区不卡av| 风间由美性色一区二区三区| 国产无遮挡吃胸膜奶免费看| 动漫成年美女黄漫网站国产| 国产精品自产拍在线观看| 97成人碰碰久久人人超级碰OO | 日韩在线观看第一页| 亚洲av无码国产精品麻豆天美| 欧美人与动交片免费播放| 国产免费av片在线播放| 亚洲中文字幕久在线| 短篇丝袜乱系列集合嘉嘉| 午夜看一级特黄a大片黑| 色八a级在线观看| 国产一区二区在线视频播放| 蜜桃97爱成人| 国产一区中文字幕| 老师邪恶影院a啦啦啦影院| 国产99在线a视频|