Ratings agency downgrades China debt outlook over economic uncertainty

Fitch cut to negative comes as country moves away from reliance on growth from property sector

Fitch has downgraded the outlook on China’s debt as it warned of increased risks to the economy while the country moves away from its reliance on growth from the property sector.

On Wednesday the US-based agency confirmed it had revised China’s sovereign credit rating from stable to negative, saying this reflected the “increasing risks to China’s public finance outlook” as the country “contends with more uncertain economic prospects”.