China growth forecast cut by ratings agency amid Evergrande uncertainty
Downgrade by Fitch reflects jitters in markets as boss of Asia-focused bank HSBC says problems ‘concerning’
Ratings agency Fitch has downgraded its forecast for China’s economic growth because of concerns about a slowdown in the country’s colossal housing market and fears about struggling property giant Evergrande.
China enjoyed a swift economic rebound from the Covid-19 pandemic, but strict new rules on the country’s developers have caused a deleveraging rush and helped push housing giant Evergrande to crisis point.
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