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China’s Economic Trouble

China is not happy that the country’s sovereign outlook has been downgraded by Fitch Ratings to “negative” from “stable.”

The credit rating agency did this over concerns about China’s property and public finance stress and “eroded fiscal buffers” because of wide fiscal deficits. The Chinese finance ministry said that this is “a pity” and that “the long-term positive trend of China’s economy has not changed, nor has the Chinese government’s ability and determination to maintain good sovereign credit.”

China says that its debt is “controllable.”

Fitch maintained the A+ ratings on China’s sovereign bonds.

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