Fitch issues warning over growth model
By Chen Jia in Beijing and Zhang Yuwei in New York | China Daily | Updated: 2013-01-09 08:04
Ratings agency points to local government credit surge
China's investment-led development model is facing increasingly serious constraints, a global ratings agency warned, although GDP growth is likely to reach 8 percent in 2013.
Rapidly expanding credit, especially debt-financing by local governments, is one of the prime reasons behind the warning, Fitch Ratings said.
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