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Fitch cuts China's rating from A+ to A citing debt, fiscal concerns

  • By Al Mayadeen English
  • Source: Agencies
  • 3 Apr 2025 18:24
2 Min Read

China's Ministry of Finance pushed back strongly against the move, calling it politically motivated and unwarranted.

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  • A woman walks past Chinese and United States' national flags on display at a merchandise store in Beijing, Thursday, April 3, 2025. (AP Photo/Andy Wong)
    A woman walks past Chinese and United States' national flags on display at a merchandise store in Beijing, Thursday, April 3, 2025 (AP Photo/Andy Wong)

Fitch Ratings downgraded China's long-term foreign-currency credit rating from 'A+' to 'A' on Thursday, citing a deteriorating fiscal outlook and a rapid build-up of public debt as the country navigates a challenging economic transition.

"The downgrade reflects our expectations of a continued weakening of China's public finances and a rapidly rising public debt trajectory during the country's economic transition," the agency said in a statement. Despite the downgrade, Fitch maintained a stable outlook.

China's Ministry of Finance pushed back strongly against the move, calling it politically motivated and unwarranted. "The downgrade of China's sovereign credit rating is biased," a spokesperson said. "We deeply regret this and do not recognise it."

The rating cut comes as China faces growing external pressure following the latest round of US trade measures. Just a day earlier, President Donald Trump announced a new 34% tariff on Chinese imports—on top of the 20% rate imposed last month—bringing the total to 54%. The administration claims these steps are designed to penalize trade practices it sees as unfair and to revitalize American manufacturing.

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Fitch noted that the downgrade decision did not account for the newly imposed tariffs, stating there remains "uncertainty about their impact." Still, the timing underscores how international financial institutions are closely watching both domestic structural issues and escalating geopolitical tensions.

Read more: Trump tariffs spark trade war, China and EU retaliate

While Beijing has set a growth target of around 5% for 2025, analysts warn that the escalating tariff war with Washington could hinder progress.

Chinese President Xi Jinping, in a meeting with foreign executives last week, acknowledged the "severe challenges" facing global trade and criticized the growing tide of "unilateralism and protectionism."

While pledging to further open China's markets to foreign firms, Xi warned that the global economy is under threat from rising fragmentation and volatility—developments largely attributed to the ongoing US-led tariff offensive.

Observers predict that replicating last year’s record-breaking export performance will be challenging due to mounting trade barriers and softening global demand.

  • US tariffs
  • Chinese imports
  • China
  • Fitch

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