China Perspectives

Samuel Kwok, Head of Fitch’s APAC International Public Finance shares his views on China’s local government and LGFV debt problem.

  • (01:21) - 1H24 local governments’ fiscal trends
  • (04:02) - Expect marginal improvement in 2H24
  • (05:30) - Effect of measures to de-risk twelve “high-risk” provinces
  • (08:22) - LGFVs’ onshore bond yields at record low
  • (11:28) - Introduction of top three credit themes
  • (12:25) - Potential impact of reform measures pledged by Third Plenum
  • (14:21) - The second credit theme on social housing investment
  • (15:17) - The third credit theme on LGFV debt restrictions
  • (16:32) - Maintain a neutral credit outlook

What is China Perspectives?

China Perspectives series is a monthly discussion on the latest credit market and economic developments from China with experts from both within and outside of Fitch Ratings.