Rating agency Fitch has downgraded China’s sovereign debt over concerns about weaker public finances and the impact of higher tariffs on exports, a move that prompted accusations of bias from Beijing.
In a statement on Thursday, Fitch said its cut to China’s long-term foreign currency rating from A+ to A was based on forecasts made before US President Donald Trump’s announcement on Wednesday of additional “reciprocal” tariffs of 34 per cent on Chinese goods.
Fitch said its move reflected expectations that China would sharply increase spending in order to support economic growth and counter deflationary pressures amid rising tariffs that would weigh on external demand.
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