June 29, 2020 / 8:48 AM / 16 days ago

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

FILE PHOTO: A man and a child sit in a park near the Central Business District on a “blue sky day" in Beijing in China, April 22, 2020. REUTERS/Thomas Peter/File Photo

(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 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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