Hard land­ing risks re­cede, says Fitch

China Daily (Canada) - - BUSINESS -

Global rat­ing agency Fitch said risks of a hard land­ing for China’s econ­omy and of a fur­ther sharp de­pre­ci­a­tion of the yuan have re­ceded in the near term. “There are signs of sta­bi­liza­tion in the Chi­nese econ­omy ... the pol­icy re­sponse in China will al­low the coun­try to man­age its growth grad­u­ally to a sus­tain­able level and avoid a hard land­ing,” ac­cord­ing to Fitch Rat­ings’ lat­est re­port on eco­nomic risks in the Asia Pa­cific re­gion. The re­port came out as China’s GDP growth held steady at 6.7 per­cent for a third straight quar­ter, with en­cour­ag­ing signs in­clud­ing ris­ing rail freight vol­umes and in­dus­trial prof­its. the end of 2015. By the end of Septem­ber, the num­ber of mi­cro-credit com­pa­nies in China to­taled 8,741, the Peo­ple’s Bank of China said in a state­ment on its web­site. Mi­cro-lenders largely tar­get small com­pa­nies and low-in­come groups in need of cap­i­tal. In re­cent years, mi­crolend­ing com­pa­nies have be­come an im­por­tant chan­nel for medium and small-sized firms as well as in­di­vid­u­als to ac­cess funds.

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