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S&P Says China Can Endure Slowdown

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cash_1 August 26, 2010 (Chinavestor) Standard & Poor's sovereign-ratings committee said China's balance sheet is strong enough to handle even a dramatic decline in economic growth, adding that concerns over a real estate bubble and bad loans incurred by banks as a result of China's stimulus package during the global financial crisis are overdone.

The ratings agency said it expects China's GDP growth will remain in the high single digits. S&P rates China AA+ with a stable outlook. China's ability to withstand an economic downturn is crucial for the rest of Asia, because it has been driving growth in the region, according to the Wall Street Journal.

China recently surpassed Japan to become the second-largest economy in the world behind the U.S. S&P has a bleak outlook, saying the country's economic growth outlook remains "tepid." S&P has a rating of AA on Japan with a negative outlook.

Asia-Pacific governments have emerged from the global crisis with their finances in good condition, having learned lessons from the 1997 financial crisis, the Journal reported, citing S&P.



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