【Event Invitation】Join us and Morgan Stanley in the 2026 China Public Finance Credit Outlook Webinar on 19 March 2026

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We Donated RMB 500,000 for Rescue and Reconstruction Following the Tai Po Fire Disaster in Hong Kong

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We are now a Recognized Credit Rating Agency by the Hong Kong Mandatory Provident Fund Schemes Authority

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We are the “Best Internationalized Chinese Credit Rating Agency of the Year” Recognized by Macau Exchange MOX

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We have been the “Public Finance Rating Agency of the Year” Named by the Asset for 5 Years

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China’s Economic Growth and Fiscal Policy Optimisation under a Flexible Growth Target

11 Mar 2026

China's 2026 economic growth target is set at 4.5%-5%, reflecting a shift toward flexible management while maintaining stability and supporting structural reforms. The fiscal policy remains proactive, with a projected deficit-to-GDP ratio of 4% and an increase in net general government debt to around 70%, aimed at enhancing internal demand and quality development amidst evolving economic conditions.

Core Drivers of High-Quality Development in China's New Energy Vehicle Sector Under the 2026 Government Work Report

11 Mar 2026

In 2026, China's NEV sector will be driven by policy support, demand stimulation, and technological advancement, with sales projected to exceed 19 million units; however, profit margins may remain pressured due to intensified competition and rising costs.

海外市场双周报：中国两会锚定发展方向，美伊战火扰动全球经济

11 Mar 2026

中国两会顺利开幕，美伊战火爆发带动全球大类资产出现明显波动。过去两周，中资海外债一级市场新发规模约121.08亿美元，较前一周期的29.86亿美元增加305.51%；二级市场小幅下跌。

What's Driving the Surge in Hong Kong Dollar Bond Issuance?

09 Feb 2026

In 2025, overseas issuers significantly boosted HKD bond issuance, reaching HKD 268.2 billion, primarily driven by widening interest rate spreads between HKD and USD. As HKD bond issuers generally have strong credit quality, the market is expected to see continued growth, although a potential narrowing spreads may moderate future issuance.

Mainland “Three Red Lines” Fade, Hong Kong Reviews MPF Backed Home Purchases

04 Feb 2026

Chinese property developers are no longer required to submit “three red lines” metrics, shifting from regulatory constraints to cash-flow pressures. Meanwhile, Hong Kong's housing market is rebounding due to lower interest rates and potential policies allowing MPF funds to be used for down payments, signaling support for boosting market demand.

Macro and China Offshore Bonds Outlook - Fed Nears Neutral and China Offshore Bond Issuance Marginally Improve

03 Feb 2026

The Federal Reserve may shift to a neutral stance by 2026, with a weaker U.S. dollar potentially aiding a marginal improvement in China offshore bond issuance. This recovery will be uneven across sectors, supported by strong financing needs and growth in convertible, ESG, and digital bonds.

2026 Outlook for LGFV Offshore Bonds — Weak Issuance, Deepened Restructuring

30 Jan 2026

In 2025, Chinese LGFV overseas bonds experienced a historic negative net financing of -USD1.77 billion, with issuance down 50.3% year-on-year amid stringent policy constraints. While refinancing pressures are expected to ease in 2026, new issuance difficulties will persist, particularly for weak-credit issuers facing tight pricing power.

Resilient Growth and Structural Optimisation of China's Economy

30 Jan 2026

In 2025, China's economy achieved 5.0% GDP growth, driven primarily by consumption, despite challenges in investment and the real estate sector. Looking ahead to 2026, steady growth is anticipated with a focus on structural optimization, as policy support aims to enhance consumption and investment in high-tech sectors, while exports remain resilient.

Read Behind China's Household Income Dynamics

26 Jan 2026

China's per capita household disposable income grew by 5% in 2025, with a notable shift in income structure—wage income remains dominant while net transfer income increases. Despite rising household income relative to GDP, there is significant room for improvement in income distribution compared to developed economies.

China's Public Finance Credit Outlook for 2026

05 Jan 2026

China's economy is projected to grow by 4.8% in 2026, despite ongoing downward pressures in traditional infrastructure. The government's leverage ratio is expected to exceed 75%, with a focus on enhancing consumer welfare and strategic investments, while risks related to LGFVs are anticipated to decrease due to stringent debt management policies and supportive liquidity.

量体裁衣方为智：国际三大评级机构主权评级方法的中国适用性偏误

10 Apr 2025

国际三大评级机构的主权评级方法应用于中国时存在局限。其一体验在对中国经济转型期的基本面判断不全面；二是对中国政策制度的评估不深入，以西方经验审视中国，带有意识形态偏见；三是对中国应对内外部风险的政策与经济协同缺乏客观认知。

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RATING  ACTIONS

CSPI Ratings Assigns ‘BBB’ Rating to Zibo Linzi Jiuhe Financial Holdings Company Limited (JHFH) and Assigns ‘BBB’ Issuance Rating to Three Offshore Bonds issued by the JHFH; Outlook Stable 05 Mar 2026
中证鹏元国际授予淄博市临淄区九合财金控股有限公司“BBB”国际评级，并授予其发行的三笔境外债券“BBB”的债项评级; 展望稳定 05 Mar 2026
CSPI Ratings Assigns ‘A+’ Issuance Rating to Offshore Bonds issued by Ruichang State-Owned Investment Holding Group Co., Ltd.; Outlook Stable 05 Mar 2026
中证鹏元国际授予淄博市张店区国有资产运营有限公司发行的2029年到期、票面利率为6.9%的0.48亿人民币高级无抵押境外债券'BBB'的债项评级；展望稳定 24 Feb 2026
CSPI Ratings Assigns ‘BBB’ Issuance Rating to Zibo Zhangdian District State-owned Assets Operation Co., Ltd.’s Senior Unsecured Offshore Bonds; Outlook Stable 24 Feb 2026
CSPI Ratings Assigns ‘BBB’ Rating to Zhangzhou Jingyuan Development Co., Ltd.; Outlook Stable 13 Feb 2026
CSPI Ratings Assigns ‘BBB-’ Rating to Zhangzhou High-tech Zone Yongshun Property Management Co., Ltd.; Outlook Stable 13 Feb 2026
中证鹏元国际授予漳州靖圆发展有限公司'BBB'国际评级；展望稳定 13 Feb 2026
中证鹏元国际授予漳州高新区永顺物业管理有限公司‘BBB-’国际评级，展望稳定 13 Feb 2026
CSPI Ratings Withdraws 'B+' Rating on eHi Car Services Limited 06 Feb 2026
CSPI Ratings Assigns ‘BBB-’ Rating to Sichuan Huixing Industrial Investment Co., Ltd. (HXII) and Assigns ‘A+’ Issuance Rating to Two Offshore Bonds issued by HXII; Outlook Stable 22 Jan 2026
中证鹏元国际授予四川汇兴产投实业有限公司‘BBB-’国际评级，并授予其发行的两笔境外债券'A+'的债项评级；展望稳定 22 Jan 2026
中证鹏元国际授予成都经开资产管理有限公司发行的2026年到期、票面利率为7.7%的3亿人民币高级无抵押境外债券'BBB'的债项评级；展望稳定 29 Dec 2025
中证鹏元国际撤销昆明市晋宁区国有资本运营有限公司国际评级 23 Dec 2025
中证鹏元国际撤销济南政金投资有限公司国际评级 22 Dec 2025
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EVENTS  &  REPLAYS

Hong Kong · 26 Mar 2026 【会议邀请】DMI 信用科技2026年度峰会
Online · 19 Mar 2026 【Event Invitation】Pengyuan Credit Webinar: 2026 Credit Outlook - China Public Finance
Online · 26 Feb 2026 【Event Invitation】Join Us in the Russian National ESG Alliance “Sustainability Reporting in China” Webinar
Qingdao, China · 04 Dec 2025 【会议回顾】 中证鹏元国际受邀参加中国青岛市“地方国企跨境融资和高质量发展”现场培训
Qingdao, China · 04 Dec 2025 【Recap】CSPI Ratings was Invited to Speak in the “Local SOEs Cross-Border Financing and High-Quality Development” In-Person Training in Qingdao, China
Online · 02 Dec 2025 【会议回顾】 中证鹏元国际与CFA协会成功举办“2026信用展望 - 中国新能源汽车”线上研讨会（英语）
Online · 02 Dec 2025 【Recap】CSPI Ratings and CFA Institute Co-Hosted “2026 Credit Outlook - China's New Enegy Vehicles” Webinar
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