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China to Enhance Fiscal Backstop and Fiscal Structural Adjustment to Mitigate Drag from Property Investment

09 Sep 2026

Property weakness persists, pressuring fixed-asset growth and local revenues. Policy stresses long-term reform and risk containment, with H2 2026 fiscal buffers via special bonds. Medium-term shifts reduce land dependence, but may widen regional fiscal strain.

海外市场：沃什首秀放鹰，非农数据远超预期

25 Aug 2026

过去两周，中东局势因美军空袭与伊朗报复而骤然升级。美联储主席沃什杰克逊霍尔首秀放鹰，美国8月非农数据远超预期。过去两周，中资海外债一级市场新发规模合计约166.14亿美元，较前一周期增加17.84%；二级市场则小幅下跌。

China’s LGFV Debt Resolution and Transformation: Evidence from Key Financial Data

23 Jul 2026

LGFV interest-bearing debt growth slowed down under “resolve existing debt, curb new debt” with financing costs cut to ~4.3% in 2025. Still, LGFV's average leverage increased to 62.5%, while profitability relies on external support and regional divergence will widen.

Announcement: CSPI Ratings' Ratings and Research Included in London-based Market Intelligence Platform 9fin

23 Jul 2026

9fin is a fintech and data analytics platform headquartered in London, UK. Founded in 2016, 9fin's proprietary AI-native market intelligence platform integrates debt market data, analytical tools, and real-time news, covering various debt markets.

Macro and China Offshore Bond Market Outlook: Extended High Interest Rate Cycle, Divergent Issuance Structure

16 Jul 2026

Fed rates are expected to stay restrictive, while RMB strengthens. China offshore bond issuance fell in H1, but Dim Sum increased by +38.4% YoY. H2 issuance will likely concentrate in SOEs/financials with sensitivity to US yields and Middle East geopolitics.

How Much Economic Potential Does Hong Kong Really Have?

10 Jun 2026

HK 2026 Q1 real GDP rose 5.9% YoY, driven by AI-related export demand, cross-border financial activity, infrastructure investment and recovering domestic demand. Fiscal pressures persist but fiscal reserves remain ample, government debt burden low and external position strong, supporting sustainable transformation and growth.

The Strategic Calculus Behind Foreign Issuers’ Rush to Dim Sum Bonds

15 Apr 2026

Foreign issuance reached RMB 76.8bn in Q1 2026, capturing 31% of total issuance in the period. Key drivers include interest rate advantage and balance sheet currency matching, long-term dollar risk mitigation and RMB internationalisation.

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.

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.

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RATING  ACTIONS

CSPI Ratings Affirms ‘BBB’ Rating to Liling Lujiang Investment Holding Group Co., Ltd., Outlook Stable 10 Sep 2026
中证鹏元国际确认醴陵市渌江投资控股集团有限公司‘BBB’的国际评级；展望稳定 10 Sep 2026
CSPI Ratings Affirms ‘AA/A-1+’ Ratings for the People’s Republic of China; Outlook Stable 07 Sep 2026
中证鹏元国际确认中国‘AA/A-1+’主权评级；展望稳定 07 Sep 2026
CSPI Ratings Affirms Jinan Tianqiao Urban Renewal and Development Group Co., Ltd.’s Rating at ‘BBB+’; Outlook Stable 04 Sep 2026
中证鹏元国际确认济南天桥城市更新发展集团有限公司‘BBB+’国际刻度长期主体评级，展望稳定 04 Sep 2026
中证鹏元国际撤销赤壁城市发展集团有限公司国际评级 01 Sep 2026
CSPI Ratings Assigns ‘A-’ to Zibo Zhangdian District State-owned Assets Operation Co., Ltd. ’s Credit Enhanced Bonds Backed by Bank of Qingdao Co., Ltd. Zibo Branch’s SBLC; Outlook Stable 31 Aug 2026
中证鹏元国际授予由青岛银行股份有限公司淄博分行提供备用信用证增信的淄博市张店区国有资产运营有限公司发行的境外债券'A-'债项评级；展望稳定 31 Aug 2026
CSPI Ratings Affirms “BBB-” Rating to Sichuan Huixing Industrial Investment Co., Ltd. (HXII) and “A+” Issuance Rating to Two Offshore Bonds issued by HXII, Unconditionally and Irrevocably Guaranteed by Sichuan Development Financing Guarantee Co., Ltd. and Tianfu Bond Insurance Co., Ltd.; Outlook Stable 13 Aug 2026
CSPI Ratings Affirms 'BBB' Rating to Henan Yuchuan Group Co., Ltd. and Affirms 'A+' Issuance Rating to the Company's Offshore Notes, which are unconditionally and irrevocably guaranteed by Henan Zhongyu Credit Promotion Co., Ltd.; Outlook Stable 13 Aug 2026
中证鹏元国际确认河南玉川集团有限公司‘BBB’的国际评级，同时确认其发行的由河南中豫信用增进有限公司提供全额无条件不可撤销担保的境外债券‘A+’的债项评级；展望稳定 13 Aug 2026
中证鹏元国际确认四川汇兴产投实业有限公司“BBB-”国际评级，同时确认其发行的、由四川发展融资担保股份有限公司及天府信用增进股份有限公司提供无条件且不可撤销担保的境外债券'A+'的债项评级；展望稳定 13 Aug 2026
CSPI Ratings Upgrades the Issuer Rating of Baoding Guokong Group Co., Ltd. and the Issuance Ratings of Its Two Senior Unsecured Offshore Notes to ‘BBB+’; Outlook Stable 12 Aug 2026
中证鹏元国际上调保定市国控集团有限责任公司及其发行的两笔高级无抵押境外债国际评级至'BBB+'；展望稳定 12 Aug 2026
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EVENTS  &  REPLAYS

Online · 11 Jun 2026 【会议回顾】中证鹏元国际应邀于俄罗斯ACRA“中国ESG评级对俄罗斯企业的实际价值：中证鹏元ESG评级”线上研讨会发表演讲
Online · 11 Jun 2026 【Recap】CSCI Pengyuan was Invited to Speak at ACRA “The Practical Value of Chinese ESG Ratings for Russian Companies” Webinar
Online · 07 May 2026 【Recap】CSPI Ratings was Invited to Speak at Cbonds “BondLab: Generating Bond Investment Ideas for Asia and Beyond” Webinar
Online · 07 May 2026 【会议回顾】中证鹏元国际应邀于Cbonds“亚洲债券投资新思路”研讨会（英文）发表演讲
Shenzhen, China · 09 Apr 2026 【会议回顾】中证鹏元国际应邀于“中证信用2026信用服务年会”发表演讲
Shenzhen, China · 09 Apr 2026 【Recap】CSPI Ratings was Invited to Speak at “CSCI 2026 Credit Services Annual Conference”
Hong Kong · 26 Mar 2026 【会议回顾】中证鹏元国际应邀于“DMI信用科技2026年度峰会”发表演讲
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