Moody's affirming ratings offers positive reflection of Chinese economic prospects: ministry

Moody's decision to affirm China's A1 ratings on Monday is a positive reflection of the improving prospects for the country's economy, the Chinese Ministry of Finance said.

Ratings agency Moody's has affirmed its A1 rating on China's sovereign bonds, citing the country's push toward high-productivity sectors and potential gains in innovation efficiency.

The A1 rating, four notches below the top of Moody's 21-notch rating scale, marks low credit risk.

The ministry said that since the fourth quarter of last year, the Chinese government has implemented a series of macroeconomic policies, economic indicators have improved, market expectations and confidence have stabilized, and the medium and long-term sustainability of debt has improved.

The global economy is facing multiple risks and challenges, including insufficient momentum, escalating geopolitical conflicts, and a volatile international economic and trade order, leading to increased uncertainty in regard to economic performance, it noted.

Against this backdrop, China's economy has secured a strong start, with high-quality development trending positively. Production and consumption demand are steadily rising, and the stability and coordination of economic operations are improving, demonstrating strong resilience and vibrant dynamism, it said.

Moving forward, a series of incremental and existing policies will work in concert to provide solid support for high-quality economic development, the ministry said.

Regardless of changes in the external environment, China will remain confident and focused, concentrating on managing its own affairs well, it noted.

Moody's affirming ratings offers positive reflection of Chinese economic prospects: ministry

Moody's affirming ratings offers positive reflection of Chinese economic prospects: ministry

Moody's affirming ratings offers positive reflection of Chinese economic prospects: ministry

Moody's affirming ratings offers positive reflection of Chinese economic prospects: ministry

The death toll from a landfill collapse in the central Philippine city of Cebu has risen to eight by Monday morning as search and rescue operations continued for another 28 missing people.

The landfill collapse occurred on Thursday as dozens of sanitation workers were working at the site. The disaster has already caused injuries of 18 people.

Family members of the missing people said the rescue progress is slow, and the hope for the survival of their loved ones is fading.

"For me, maybe I’ve accepted the worst result already because the garbage is poisonous and yesterday, it was raining very hard the whole day. Maybe they’ve been poisoned. For us, alive or dead, I hope we can get their bodies out of the garbage rubble," said Maria Kareen Rubin, a family member of a victim.

Families have set up camps on high ground near the landfill, awaiting news of their relatives. Some people at the site said cries for help could still be heard hours after the landfill collapsed, but these voices gradually faded away.

Bienvenido Ranido, who lost his wife in the disaster, said he can't believe all that happened.

"After they gave my wife oxygen, my kids and I were expecting that she would be saved that night because she was still alive. But the night came and till the next morning, they didn't manage to save her," he said.

Death toll in central Philippine landfill collapse rises to eight