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Webinar: China Shadow Banking 2019 Outlook

Join us on 20 February (Wed) to discuss how regulatory developments will impact the 2019 outlook for China’s shadow banking activities, and how banks will cope with growth priorities and capital preservation against more challenging economic conditions.


Date: Wednesday, February 20, 2019
Time: 04:30 PM Hong Kong Time
Duration: 1 hour
Language: English
Click here to attend the webinar in English


Date: Wednesday, February 20, 2019
Time: 10:30 AM Hong Kong Time
Duration: 1 hour
Language: Chinese
Click here to attend the webinar in Chinese


Related Press Release:
China's Shadow Banking Sector to Shrink Further in 2019

Fitch on China Newsletter (February)

China's crackdown on consumer credit in the "shadow banking" sector, and tighter regulations on non-bank lenders, should support the performance of consumer-related ABS transactions over the long term, says Fitch Ratings. However, the short-term impact has been a slight deterioration in performance of existing consumer ABS asset pools and a drop in issuance.

China's Outbound M&A Likely to Fall Further in 2019

Overseas M&A activities from private-owned enterprises (POEs) are likely to slide the most, as they have weaker access to external funding channels than state-owned enterprises (SOEs).

2019 Outlook

2019 Outlook: APAC Public Finance

Fitch  Ratings’  view  on  Asia-Pacific  (APAC) local  and  regional  governments  (LRGs)  is underpinned  by stable  economic  fundamentals  and  fiscal  revenue,  counter-balanced  by pressures  from  rising  global  interest  rates  and  potential  US-China  trade  tensions.

China Perpetual Bond Swap Supports Bank Issuance

However, the mechanism implies the authorities may be inclined to support perpetual bonds, in which case they would not function as genuine loss-absorbing instruments, and would differ from the approach of central banks in other jurisdictions towards similar instruments issued by global systemically important banks.


China’s Internet Giants: Baidu, Alibaba and Tencent

Steve Durose, Managing Director and Deputy Head of APAC corporate ratings at Fitch Ratings, discusses Alibaba earnings and his ratings on Chinese internet giants. He speaks on Bloomberg Markets: Asia.

Chinese Insurers Unlikely to Shift Investments on CBIRC's Push

Fitch believes that insurers will continue to allocate their assets based on their risk management policies and insurance liability profiles.

China Infrastructure Push to Put Only Limited Pressure on Ratings

However, the spending plans are consistent with the authorities' recent approach to fiscal stimulus measures, which appear structured to avoid resurgence in off-budget financing.

Investor Focus on Business Risks for China's "BAT"

These companies are driving internet revolution beyond their core internet services to an era of artificial intelligence (AI) technology, amongst others. Fitch Ratings believes that M&A will remain opportunistic and regulatory risk will stay manageable.


Expect Corporate Credit Growth in China to Pick Ip in 2019

Ying Wang of Fitch Ratings says it is "sensible" for the Chinese authorities to shift its focus from deleveraging efforts, which increased corporate sector defaults in 2018, to stabilizing leverage in the country.


Fitch Downgrades Kangde Xin to 'RD' on Commercial Paper Default

The downgrades follow KDX's 15 January 2019 announcement that it did not repay the CNY1 billion in short-term commercial paper due on that day. The commercial paper was issued by KDX and is the company's senior unsecured obligation.

China Corporate Defaults Highlight Disclosure, Governance Issues

Three defaults in recent months have highlighted the risk of broader disclosure and governance problems among Chinese corporates, as well as the variable quality of local auditing.

China Consumer ABS Risks Tempered by Tighter Regulations

However, the short-term impact has been a slight deterioration in performance of existing consumer ABS asset pools and a drop in issuance.

China's Auto Investment Rules to Ease EV Overcapacity Risks

China's tougher rules on building new electric vehicle (EV) plants are likely to cool the EV investment boom and may temper long-term overcapacity risks. EV start-ups will be the most affected, with many likely to be unable to enter the EV market in the near term.

Fitch Ratings wins Best International Ratings Agency Award

Fitch Ratings has been named the Best International Ratings Agency in the FinanceAsia China Awards 2018.

Fitch Wins Its First Credit Rating Agency Award in China

Fitch Ratings has been voted the "Outstanding Rating Agency for Chinese Companies' Offshore Fixed Income Market" by users of Wall Street Trader, a financial web application that is widely followed and utilised by participants in China's debt capital markets.

Fitch Ratings Launches China Local Ratings Agency with Danny Chen as CEO

Fitch Ratings announced the launch of Fitch (China) Bohua Credit Ratings Ltd. (Fitch Bohua) which plans to serve China's onshore bond market, and has appointed Danny Chen as Fitch Bohua's chief executive officer. Set up in July 2018 in Beijing, Fitch Bohua is a 100% subsidiary of Fitch Ratings. The company is seeking regulatory approval to cover the financial institutions sector (including banks, non-bank financial institutions and insurers) as well as the structured finance sector in its initial phase of operations.


Andrew Fennell


Andrew Fennell


+852 22639925

Grace Wu


Grace Wu


+852 2263 9919

Jonathan Lee


Jonathan Lee


+886 2 8175 7601

Ying Wang


Ying Wang


+86 21 6898 7980

Jeffrey Liew


Jeffrey Liew


+852 2263 9939

Terry Gao

International Public Finance

Terry Gao


+852 2263 9972

Hilary Tan

Structured Finance

Hilary Tan


+852 2263 9904

Henry Hung

Greater China

Henry Hung


+86 21 6898 7988

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