许多中国地方政府投融资平台（城投企业）正越来越多地参与提振地方经济，尤其是在经济发达地区。这些城投企业逐步由地方基础设施建设融资平台转型为地方产业投资平台。城投企业加快转型步伐，通过将公益项目与相关且具盈利能力的商业化项目结合来避免新增隐性债务。在调整后的运营模式下，政府支持将较为间接且不具约束力。不过，如果企业的经营性现金流低于预期，地方政府或仍有动力向其提供特别支持。这种转变可能对企业的信用状况产生影响，不过实际影响或因个体而异。

Jeremy Zook, Fitch Ratings’ lead sovereign analyst for China, is joining China Perspectives as a co-host. Prior to this role, he was the lead analyst for several countries in APAC. Jeremy’s first show is coming up soon. Stay tuned.

China's decarbonisation drive will require large investments that Fitch Ratings believes corporate-style bank loans and public funds will not be able to meet, which will spur development of other financing methods to close the funding gap.

惠誉评级认为，企业银行贷款和公共资金将无法满足中国实现脱碳目标所需的高额投资，这将推动中国拓展其他融资方式，以弥合融资缺口。

Fitch Ratings expects general government (GG) debt/GDP to fall for around half of sovereigns in Asia over 2023-2025, but the fiscal consolidation will progress slowly among the economies.

惠誉评级表示，中国近日发布的全国《电力现货市场基本规则（试行）》（新规）或可促进可再生能源的消纳。新规亦有助于平衡高峰时段的电力供需。

China’s new rules for a nationwide power spot market are likely to promote renewable power consumption, and balance power supply and demand in peak hours, says Fitch Ratings.

中国房地产行业和城投企业风险日益凸显，较大一部分授评中资发行人处于负面评级展望或负面观察状态，表明总体上面临一定的评级下行压力。

惠誉评级表示，中国绿色车贷资产支持证券（ABS）交易的关键风险驱动因素与传统燃油车车贷ABS交易的关键风险驱动因素近似，两者资产表现的差异主要是由于消费者信用风险和贷款价值比（LTV）的不同，而非底层汽车类别的差异。

Key risk drivers for Chinese green auto ABS transactions are similar to those backed by traditional vehicles, with their diverging asset performances mainly attributable to differences in consumer credit risk and LTV ratios, says Fitch.