Standard & Poor's downgrades China's sovereign credit rating outlook to negative

Following Moody's downgrade of China's sovereign credit rating outlook on March 2, on March 31, Standard & Poor's also lowered its outlook on China's sovereign credit rating to negative, while downgrading Hong Kong's rating outlook to negative.
In a public statement issued on March 31, Standard & Poor's confirmed that China's rating is AA-, downgrading the rating outlook from stable to negative; confirming Hong Kong's rating as AAA, downgrading the rating outlook from stable to negative. At the same time, Standard & Poor's confirmed that China's short-term sovereign debt credit rating is A-1+.
Standard & Poor's said that China's economic rebalancing may be slower than previously expected; the Chinese government and corporate leverage is expected to deteriorate, "the investment ratio may not be as stable as between 30% and 35% of GDP as we thought before. Sustainability level."
However, S&P expects China's economic growth to remain at 6% or higher in the next three years. At the same time, Standard & Poor's estimates that Hong Kong's per capita GDP in 2016 is about $44,500. I believe Hong Kong's economic growth in the next three years is likely to be faster than the average of high-income economies.
At this point, only the Fitz in the world's three major rating agencies have not lowered China's rating outlook. When Moody's previously lowered the outlook of China's sovereign credit rating to negative, many official media voices said there was no factual basis. The Deputy Minister of Finance Zhu Guangyao directly approved that Moody’s approach lacked foresight.
In response to this matter, Finance Minister Lou Jiwei said at the 2016 China Development Forum Forum that we “do not care”!

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