Ratings agency Moody’s cut its outlook on China’s government credit ratings to negative from stable on Tuesday, in the latest sign of mounting global concern over the impact of surging local government debt and a deepening property crisis on the world’s second-largest economy.The downgrade reflects growing evidence that authorities will have to provide more financial support for debt-laden local governments and state firms, posing broad risks to China’s fiscal, economic and institutional strength, Moody’s said in a statement. Ratings agency Moody’s cut its outlook on China’s government credit ratings to negative from stable on Tuesday, in the latest sign of mounting global concern over the impact of surging local government debt and a deepening property crisis on the world’s second-largest economy.The downgrade reflects growing evidence that authorities will have to provide more financial support for debt-laden local governments and state firms, posing broad risks to China’s fiscal, economic and institutional strength, Moody’s said in a statement. Ratings agency Moody’s cut its outlook on China’s government credit ratings to negative from stable on Tuesday, in the latest sign of mounting global concern over the impact of surging local government debt and a deepening property crisis on the world’s second-largest economy. The downgrade reflects growing evidence that authorities will have to provide more financial support for debt-laden local governments and state firms, posing broad risks to China’s fiscal, economic and institutional strength, Moody’s said in a statement. “The outlook change also reflects the increased risks related to structurally and persistently lower medium-term economic growth and the ongoing downsizing of the property sector,” Moody’s said. China’s blue-chip stocks slumped to nearly five-year lows on Tuesday amid worries about the country’s growth, while Hong Kong stocks extended losses. FOLLOW US ON SOCIAL MEDIA Visual Stories Previous 10 Most Affordable Cities in India to Buy a House business Most Visited Monuments in India business The Pros and Cons of Investing in Value Stocks business Investing in Small-Cap Stocks: Top 10 Tips for Absolute Beginners business 10 Ways to Earn Money Online by Selling Physical Products business Richest Cricket Players Across the World business 10 Things You Didn’t Know About Warren Buffett’s Investment Process business Priyanka Chopra Net Worth: Know How Rich is Global Actress business Top 10 Benefits of Investing in Small-Cap Stocks business 15 Best Tax Saving Schemes in India business Next 1 2 3 Elections Election Result 2023 Telangana Election Result Rajasthan Election Results MP Election Result 2023 Chhattisgarh Election Result Mizoram Election Result TOP TRENDS Cyclone Michaung Revanth Reddy Chennai Cyclone Sukhdev Singh Gogamedi Glenn Maxwell Israel Hamas War