Moody's latest on China:
- China's government support measures will partly relieve LGFVs refinancing pressure
- credit quality will further diverge as funding access differentiates between companies and provinces, while Chinese corporate bond defaults will continue
- funding conditions for Chinese companies will remain weak in the first half of 2022, after a worsening in the third quarter of 2021
- bond defaults for Chinese companies will continue in 2022 given increased risk aversion and tightened funding access
