A large and well-diversified economy, strong trend growth, a resilient external sector, and unique capacity for reform anchor the rating. Rising public-sector debt, financial-system imbalances and weakening demographics are credit challenges.

High and rising public debt and large financial imbalances in the context of slowing economic growth, drive the downgrade. A large and diversified economy, high external resilience and effective government control are key credit strengths.

High and rising public debt and large financial imbalances in the context of dampening economic growth, drive the outlook revision. A large and diversified economy, high external resilience and effective government control are credit strengths.

Improvements in financial stability, transitions from high growth targets, resilience amid Covid-19 crisis and internalisation of the renminbi support revision of the rating Outlook. Rising public and non-financial sector debt remain ratings challenges.

A large and diversified economy, strong external sector, and capacity to reform support the rating. Rising public and non-financial sector debt and significant policy easing exacerbating long-term imbalances underscore the Negative Outlook.

A large and diversified economy, external strengths, and capacity to reform support the rating. Rising public-sector debt and high non-financial sector debt drive the Negative Outlook.

A large and diversified economy, high external resilience, and scope for reform support the rating. Significant continued increases in non-financial sector debt and rising public sector debt underscore the rating downgrade.