Ratings agency cites concerns over financial and economic risk as country’s total debt hits $28tn

China’s credit rating has been downgraded by Standard & Poor’s amid fears rising debts are adding to economic and financial risks.

The agency lowered China’s sovereign rating by one notch to A+ from AA-, putting it in the same category as countries such as the US and Austria. This is the second downgrade from a major ratings agency for Beijing this year and comes at an awkward time before next month’s Communist party congress.

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