Fitch Ratings downgraded China’s long-term local currency debt one notch, from AA- to A+.  The primary reason for the move was the country’s too-rapid expansion of credit, one of the “underlying structural weaknesses” the agency cited in its announcement.  Many analysts in fact think the debt resulting from then Premier Wen Jiabao’s borrowing binge, which began to accumulate in earnest in late 2008, is now China’s number one economic risk.

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