Rating agency sees an array of risks lurking under a placid surface
This week, Beijing reported that its trade surplus for 2025 had already exceeded a record $1T
Shipments to U.S. have plunged 29%, but exports to other countries have surged
AI boom, equity market wealth effect outpacing tariff drag on growth
Effect of U.S.-China trade truce not yet apparent while domestic demand remains shaky
Flat global GDP growth underpins sovereign outlook, but risks abound
Trump-Xi agreement to lower tariffs may boost Q4 numbers
U.S. tariff pressures adding up, despite Trump cutting some levies this month
Both sides report progress as Xi invites Carney to visit China
The U.S. president rated the meeting a 12/10