June 29, 2020 / 8:54 AM / 8 days ago

S&P affirms China; flags risk to growth from coronavirus, tensions with U.S.

FILE PHOTO: The cityscape of the Beijing Central Business District, or Beijing CBD, is silhouetted against the sky during sunset, China October 17, 2018. REUTERS/Thomas Peter

(Reuters) - Credit rating agency S&P Global Ratings on Monday affirmed China’s sovereign credit ratings at ‘A+/A-1’ with a stable outlook, amid the ongoing coronavirus outbreak.

S&P said China is likely to maintain above-average economic growth relative to other middle-income economies in the next few years.

However, it said that the growth is likely to come under pressure from the coronavirus outbreak, efforts to restructure the Chinese economy and U.S.-China tensions.

The agency noted bit.ly/2ZdezoA that it does not expect U.S.-China relations to normalize in the foreseeable future.

“We expect per capita real GDP growth to average 5.5% annually in 2021-2023, as the economy recovers from the COVID-19 shock”, S&P said on Monday.

Reporting by Kanishka Singh in Bengaluru; Editing by Toby Chopra

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