China growth forecast cut by ratings agency amid Evergrande uncertainty

Downgrade by Fitch reflects jitters in markets as boss of Asia-focused bank HSBC says problems concerning'

Ratings agency Fitch has downgraded its forecast for China's economic growth because of concerns about a slowdown in the country's colossal housing market and fears about struggling property giant Evergrande.

China enjoyed a swift economic rebound from the Covid-19 pandemic, but strict new rules on the country's developers have caused a deleveraging rush and helped push housing giant Evergrande to crisis point.