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Financial News: Fitch: China's Corporate Debt Challenges Remain Downside R

Fitch: China's Corporate Debt Challenges Remain Downside Risk To Growth

06/04/2018 - 07:29:00 (RTTNews)

(RTTNews) - Fitch Ratings said China's corporate debt challenges remain a key downside risk to medium-term growth.

Corporate debt decreased slightly as a share of GDP last year but is still expanding at nearly 11 percent, which is notably faster than Fitch's estimate of China's sustainable medium-term nominal GDP growth rate.

According to research published by Fitch Ratings, China's GDP growth rate would be reduced by 1 percentage point per year over the medium term in a hypothetical scenario where corporate debt growth was steadily reduced to a rate in line with underlying nominal GDP growth.

"It is hard to put a precise time frame on when China will start to see the deleveraging of the real economy, but at some point it looks inevitable," Brian Coulton, chief economist at Fitch, said.

"The scenario analysis we have undertaken suggests that, when it does occur, it will be a process that will be a significant drag on growth," Coulton added.

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