中国的地方政府制度框架存在财政收入和支出责任不平衡的问题，且依赖波动性较强的土地出让收入。这对其长期可持续性构成风险。不过，财政框架中包含的适应和调节能力在一定程度上对风险起到了缓冲作用。

Maria Paula Moreno, Head of Structured Finance Americas, and Derek Miller, Head of North American Structured Credit, discuss 2025 issuance, CLO trends, rating transitions, and sector outlook.

惠誉预计，随着监管框架持续强化，公司治理和透明度方面持续改善，中资租赁行业将在2025年余下时间及2026年趋于稳定并实现温和增长。

Fitch expects the Chinese leasing sector to stabilise with modest growth in the rest of 2025 and 2026, while companies make improvements in corporate governance and transparency as the regulatory framework continues to strengthen.

Cosme de Montpellier, Senior Director, and Natasha Guerer, Director, discuss the updates in Fitch’s latest covered bonds rating criteria.

Susanne Matern, Head of EMEA Structured Finance, and Alessandro Pighi, Head of EMEA RMBS, discuss UK mortgage market trends, policy risks, affordability, and EMEA RMBS performance.

China’s local government framework exhibits a vertical fiscal imbalance that poses risks to its long-term viability. These risks stem from a reliance on volatile land concession revenue. However, this is mitigated by the system’s adaptive nature.

The U.S. government’s recent equity investment in Intel Corp. signals an escalation of U.S. industrial policy, potentially creating unintended inefficiencies for the global semiconductor industry.

Maria Paula Moreno, Head of Structured Finance Americas, and Kevin Kendra, Head of North American RMBS, discuss 2025 RMBS issuance, home price trends, rating transitions, and Fitch’s updated criteria and outlook.

Paul Gamble, Head of Middle East and Africa (MEA) Sovereigns, and Cedric Berry, Director, MEA Sovereigns, discuss GCC efforts to diversify their economies beyond oil, and the varied pace of progress across the region.