China's lenders may be hit with an increase of as much as Rmb7.7tn ($1.1tn) in questionable loans as the coronavirus outbreak deals a heavy blow to China's economy, S&P Global Ratings has warned.
The Covid-19 outbreak, which has prompted China to lock down large swaths of its sprawling economy, will cause some individuals and companies to "have difficulty with debt repayment," S&P said in a report issued on Thursday in Hong Kong.
In a worst-case scenario in which the outbreak does not peak until April, S&P forecasts China's economy, the second biggest in the world, will expand 4.4 per cent in 2020. That would mark a dramatic slowdown from the 6.1 per cent growth in 2019 and be the weakest pace since 1990, according to World Bank data.
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