Credit score company Standard & Poor’s (S&P) Global Ratings on Monday affirmed China’s sovereign credit score rankings at “A+/A-1” with a secure outlook, amid the continued coronavirus outbreak. S&P in its report stated that China is more likely to preserve above-average financial progress relative to different middle-income economies within the subsequent few years. However, it stated that the expansion is more likely to come underneath stress from the coronavirus outbreak, efforts to restructure the Chinese financial system and US-China tensions.
The company famous that it doesn’t count on US-China relations to normalise within the foreseeable future.
“We expect per capita real GDP growth to average 5.5 per cent annually in 2021-2023, as the economy recovers from the COVID-19 shock”, S&P stated in its report stated on Monday.
Earlier this month, S&P had additionally retained India’s sovereign score on the “BBB-” – the bottom investment-grade stage – with a secure outlook.