S&P affirms China's sovereign credit rating at A+ with stable outlook
S&P said the outlook on China's rating is "stable."
"The stable outlook on the long-term sovereign credit rating reflects our view that China will return to self-sustaining economic growth of 4% or more annually over the next one to two years," S&P said in a statement.
"This will allow the government to gradually reduce policy support for the economy over the next several years."
S&P said it could lower China's rating if it expects the government to pursue larger fiscal stimulus over the next three to five years, but may raise the rating if fiscal consolidation proceeds faster than anticipated.
S&P also affirmed China's "A-1" short-term foreign and local currency sovereign credit rating.
China's finance ministry said on Thursday it was glad to see S&P had reaffirmed China's sovereign credit ratings, and pledged to "dynamically" adjust policy reserves and strive to achieve the annual growth target.
In April, Fitch downgraded China's sovereign credit rating, citing rapidly rising government debt and risks to public finances, as policymakers gear up to shield the economy from rising U.S. tariffs.
The world's No.2 economy grew at a slightly faster pace than expected in the second quarter. But July economic data so far have been mixed, with manufacturing activity shrinking for a fourth straight month even as exports posted an unexpected surge.
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Daily Mail
7 hours ago
- Daily Mail
Arkansas city where first ever Walmart opened sees population boom
By A quiet southern town has suddenly seen its population explode and it may all trace back to the moment it became known as the birthplace of the first-ever Walmart store. Rogers, Arkansas , once a quiet Southern town known only for being the site of the first-ever Walmart store, is undergoing a major transformation with a population boom turning it into one of the fastest-growing cities in America. Located in Benton County, Rogers has seen a rapid influx of new residents. The US Census Bureau ranked the Northwest Arkansas area as the 22nd fastest-growing metro in the nation. The population jumped from 591,895 people in 2023 to 605,615 in 2024 - with people lured by affordable real estate, strong schools, scenic parks and a thriving job market. It all started when the first-ever Walmart opened its doors on July 2, 1962 in Rogers – then called Wal-Mart Discount City. Though that original store closed long ago, the company's footprint and influence remains strong in the region. Its corporate headquarters is located nearby in Bentonville and continues to shape the local economy and housing market. Mayor Greg Hines told Daily Mail the city is growing for all the right reasons. 'Rogers is seeing steady growth as more people choose to live and work here,' he said. 'They're drawn by job opportunities, strong schools, and access to parks and trails.' The first Walmart store opened here in 1962, and that moment 'shaped the direction of the city', he explained. 'It helped attract other businesses and laid the groundwork for long-term economic growth.' Today, new residents include remote workers, young families, and retirees, drawn to the mix of quaint neighborhoods, new developments and a lower cost of living than many coastal cities. 'Today, sectors like healthcare, retail, and manufacturing are driving the local economy,' he told Daily Mail. 'We're focused on planning for the future, investing in infrastructure, and quality of life initiatives to support a growing population and make sure Rogers stays a good place to live and work.' Demographically, Rogers has grown more diverse in recent years. Census data shows the Hispanic population has surged, making up over 30 percent of the city's population. The area also attracts a growing number of college-educated professionals and families looking for quality of life and career mobility. The market has something for everyone – from historic fixer-uppers under $200K, to custom lakefront mansions topping $2 million, to quaint vintage style mid-century homes. A listing for a 4-bed, 3-bath modern farmhouse with a wraparound porch and mountain views priced at less than $400K - a steal compared to what it would cost in other more pricey states. The current Walmart store in Rogers which is located a few blocks from the original site, still draws in daily shoppers. Today the company operates over 3,000 stores across the US and 1,607 abroad. Walmart did not respond to a request for comment. The Rogers Historical Museum is located just blocks from the site of the original Walmart and offers a glimpse into the city's transformation. The museum displays vintage photos, storefront recreations and shows how the once-sleepy railroad town became a booming retail hub.
Telegraph
8 hours ago
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Why every Hong Konger in Britain lives in fear of China's mega embassy
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Royal Mint Court spans 5.2 acres and its fine Georgian buildings and their modern additions boast an internal area exceeding 563,000 sq ft (52,300 sq m) - approaching twice the floorspace of Westminster Abbey. If it goes ahead, China's new embassy would have a bigger site and a larger floor area than America's, which is built on 4.9 acres of Battersea. Not only would China's new mission be the biggest in London, it would be the largest of its kind anywhere in Europe: it would even have 30 per cent more floorspace than the Chinese embassy in Washington. There is simply no precedent for a diplomatic project of this scale on British soil. Plenty of concerns have been raised about the implications for national security but perhaps no-one has a better understanding of the potential dangers than people who are already bitterly familiar with the long reach of China. 'When I first heard of that I was really frightened to be honest,' says Chloe Cheung, a 20-year-old pro-democracy activist from Hong Kong. 'It's a really huge space in central London. Why would they need that?' Cheung left Hong Kong and moved to Britain with her family in 2020 after Beijing imposed a draconian National Security law on the territory. This bid to crush the pro-democracy movement caused over 150,000 of Hong Kong's people to seek refuge in Britain. Now some wonder whether they will always be safe. On Christmas Eve last year, Hong Kong's police published an arrest warrant accusing Cheung of 'incitement to secession' and 'collusion with a foreign country', and offering a bounty of HK$1 million (£95,000) for 'information on this wanted person'. That was not because of anything Cheung had done in Hong Kong: she was only 14 when she left. Instead she was targeted for having dared campaign for democracy in her old home while living in Britain and working here for the Committee for Freedom in Hong Kong. 'It's because of what I did in this country: it's only because of that that I was given a bounty,' she explains. Cheung was subjected to the arrest warrant and bounty under Hong Kong's National Security law, which punishes anything the authorities might define as 'subversion' with life imprisonment. Most chillingly of all, Articles 37 and 38 say this law 'shall apply' to anyone living anywhere in the world, setting no limits on who might become a target of the Chinese authorities. Cheung fears this could help explain China's ambition to build a colossal new embassy in London. 'The location is not about us but the size is more about us,' she says. 'They want to have more space and more people to intimidate us, to do trans-national repression.' 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Step by step, China is steadily extending its influence in Britain, from providing the technology for renewable energy to investing in research with UK universities and preparing to export even greater numbers of electric vehicles. A grand new embassy would be a fitting symbol of how Beijing is steadily entrenching its position and advancing its interests. And part of China's plan, it seems, is to make it steadily harder for any British Government to provide people like Chloe Cheung with a safe refuge and the freedom to campaign for democracy in Hong Kong. Like its predecessors, the Government wants to build a beneficial relationship with Beijing while also upholding Britain's values - and this country's status as a place where even those who are abhorred by China's brutally authoritarian leaders can still be safe. But one day, the balancing act may become impossible and a choice will need to be made. If China is allowed to have the biggest embassy in London, a milestone may be passed. 'We have told them that our safety is at risk from this mega-embassy,' says Cheung. 'But if they still let it be built? If the UK government is walking backwards and the Chinese government is walking forwards?'
The Guardian
8 hours ago
- The Guardian
Kwasi Kwarteng to speak at event for firm that helps super-rich pay less tax
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