希尼爾翻譯公司（www.eacrwc.tw）2016年3月09日了解到：Moody's has warned it may
downgrade China’s sovereign rating, a sign of increasing investor
concern over the country’s rising debt and dwindling foreign exchange
The US rating agency revised its outlook on China from stable to
negative, the first major step on the country by a rating agency since
Fitch downgraded its rating three years ago, the first cut since 1999.
Moody’s rates China’s government at Aa3, its fourth highest
rating. That is in line with Standard & Poor’s double A minus
rating, although S&P maintains a stable outlook. Fitch assesses
China at A plus, one notch lower than its two peers, also with a stable
In addition to rising debt and falling reserves, Moody’s
attributed its move to “uncertainty about the authorities’ capacity to
implement reforms — given the scale of reform challenges — to address
imbalances in the economy”.
China’s top leaders are trying to steer growth away from heavy
industry and debt-fuelled investment towards consumption and services.
Recent data indicates mild progress towards rebalancing but analysts
warn that policymakers need to accelerate structural reforms to arrest
the economic slowdown.
Recent policy moves, including record bank lending in January and
a cut to banks’ required reserve ratio on Monday, suggest policymakers
are prioritising short-term stimulus over structural reforms, including
efforts to rein in debt.
“It is a matter of balance. Reforms could indeed slow growth in
the short term. [But] if they were reforms that pointed toward a
levelling off of leverage and more efficient allocation of capital, then
we would see that as a positive," Marie Diron, senior vice-president for
sovereign ratings at Moody’s, said in an interview.