A Big Three credit agency has slashed China’s credit rating for the first time in almost three decades. Moody’s thinks it will be hard for the world’s second largest economy to get debt under control in an era of slowing economic growth.
At the ASEAN Summit in Singapore, Beijing tried to strengthen ties with Southeast Asian states. DW’s Frank Sieren says that could have far-reaching consequences for Europe’s role in global politics.
The ratings agency sees only a small possibility that Rome might exit the currency bloc, despite a senior official saying the country would be better off. The news comes as Italy's debt faced a fresh bout of selling.
The EU's budget chief has called for a row over Italy's draft budget to be resolved calmly. Rome's plans to flout eurozone budget discipline rules pushed Moody's to downgrade the country's credit rating.
The National Bureau of Statistics said that while growth has slowed, it still managed to remain relatively steady. Beijing has decided to focus on consumer spending to ride out a trade spat with the United States.
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