Moody's downgrades China's credit rating
- By Fernanda Nunes
- 3815 views
China has received a downgrade on its credit score, on worries about the future state of the economy.
Moody's said in a statement that the downgrade reflected expectations China's financial strength will "erode somewhat over the coming years, with the economy-wide debt continuing to rise as potential growth slows".
Beijing's aim to rebalance the economy towards domestic consumption has led to major challenges for large manufacturing sectors, and there have been layoffs - especially in heavily staffed state-run sectors such as the steel industry.
Source: http://www.bbc.com/news/business-40024503
