Workers wait for transport outside a construction site in Beijing, Tuesday, April 9, 2024. China’s Finance Ministry has denounced a report by Fitch Ratings that kept its sovereign debt rated at A+ but downgraded its outlook to negative, saying in a statement that China’s deficit is at a moderate and reasonable level and risks are under control.
China’s economy has struggled to bounce back from the Covid-19 pandemic, with a slowdown in demand and a property crisis weighing on its growth. The strong growth in January-March was supported by “broad manufacturing outperformance,” festivities-boosted household spending due to the Lunar New Year holidays and policies that helped boost investments, according to China economist Louise Loo of Oxford Economics.
Policymakers have unveiled a raft of fiscal and monetary policy measures as Beijing seeks to boost the economy. China has set an ambitious gross domestic product growth target of about 5 percent for 2024.