Regional Deep Dive: China
Virtual edition
Credit outlook across sectors amid shifting geopolitics, tightening financing conditions, market access and government support
- Macroeconomic, trade, financial, business disruption and security impact of the Russian invasion of Ukraine
- Credit impact of growth-enhancing government support measures
- Credit impact of tighter financing conditions, which has raised refinancing risk for high-yield issuers, particularly in the property sector
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SpeakersAda Li Executive Director, Project & Infrastructure Finance Moody's Ratings
Gary Lau Managing Director, Corporate Finance Moody's RatingsLaura Acres Managing Director, Regional Corporate Finance Moody’s Ratings
Chen Huang Executive Director - Ratings, Financial Institutions Moody's Ratings
Jerome Cheng Associate Managing Director, Structured Finance Moody's Ratings
Martin Petch Vice President, Sovereign Risk Moody's Ratings
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Ada is the Head of North Asia Project & Infrastructure Finance (PIF) team, based in Hong Kong, managing the PIF team covering Mainland China and Hong Kong. She oversees the ratings of publicly and privately owned utilities, ports, rail transit, toll roads, Chinese local governments and local government financing vehicles (LGFV).
Ada has been with Moody's since 2014 and has extensive experience in infrastructure credit. She has served as the lead analyst for large scale central and local state-owned enterprises and is one of the original authors of Moody's Chinese LGFV methodology.
Before joining Moody's, Ada worked as a Vice President at Deutsche Bank, where she oversaw Greater China corporates and financial institutions. Ada has also worked at Barclays Capital, where she covered Chinese financial institutions and commodity companies.
Ada holds a BBA in Accounting & Finance from The University of Hong Kong. She is also a CFA Charterholder and a certified FRM holder.
Gary Lau is the Managing Director for the Corporate Finance Group in Hong Kong. Gary manages analytical teams in Hong Kong, covering corporate ratings in North Asia (ex-Japan). He has extensive experience with Moody’s in analytical and management positions with responsibilities across different industries and geographies. He has been with Moody’s since 1998.
Before joining Moody’s, Gary worked for Barclays Bank Plc and Bank of America in the Financial Institutions and Corporate Banking Divisions.
He holds an MBA and a Bachelor of Social Science, both from The Chinese University of Hong Kong.
Laura Acres is Managing Director for the Corporate Finance Group for Asia Pacific. Based in Singapore, she has overall responsibility for Moody’s corporate ratings and research for the region, managing teams of analysts in Sydney, Singapore, Hong Kong, Beijing, Shanghai and Tokyo.
Laura joined the company in 2006 taking a number of Lead Analyst roles for a variety of corporates around the region. She also created Moody’s aggregated high-yield research and outreach initiatives for the Asia Pacific region as well as Moody’s global Emerging Markets data-led research suite. She was appointed Managing Director in 2015 and led the Singapore based South & South-East Asia corporate rating teams and was then appointed to her current role in 2020.
Before joining Moody’s, Laura worked for Schroders PLC in London and Singapore, and Dresdner Kleinwort Wasserstein in Singapore, where she specialized in corporate restructuring and recovery throughout Southeast Asia.
Laura holds a BSc (Econ) from the London School of Economics and Political Science.
Chen Huang is an Executive Director - Ratings within Moody’s Financial Institutions Group. Based in Hong Kong, she manages teams of analysts covering the ratings and research of Asia ex-Japan insurers, Chinese and Mongolian banks. Chen joined Moody's in December 2020 as a Senior Vice President from Autonomous Research/Sanford C. Bernstein, where she primarily covered Chinese banks as a partner before moving to her most recent position as a consultant in China macrofinancial research. Previously, she worked at CLSA (now CITIC CLSA) as a senior analyst covering Chinese banks and non-bank financial institutions. Earlier in her career, she worked as a senior auditor at PricewaterhouseCoopers and had a brief stint at Caijing Magazine (now Caixin).Chen received her Master of Public Administration from Syracuse University in the U.S and Bachelor of Arts in Economics from the University of International Business and Economics in China.
Jerome Cheng has worked at Moody’s for more than 20 years. Based in Hong Kong, Jerome is an Associate Managing Director in the Structured Finance Group.
Jerome is responsible for covered bonds and structured finance transactions in Asia(ex-Japan). His analysis of structured finance deals includes CDOs, CMBS, RMBS, consumer loans and equipment leases. He has worked on a number of first-time landmark securitization transactions across Asia.
Jerome holds a Bachelor of Arts degree from The University of Hong Kong, and Bachelor of Law degree from Manchester Metropolitan University.
Martin Petch is a Vice President with Moody’s Sovereign Risk Group. Based in Singapore, he covers a portfolio of sovereign credits in the Asia Pacific region – including Japan, Indonesia and Mongolia - as well as credits in Oceania and the South Pacific.
Martin joined Moody’s in 2017, after working as the Chief Economist and Manager of Economic Analysis and Research with BHP Billiton covering its key commodity markets, China, Japan and India, economies in the South East Asian region, and the major advanced economies. Martin also held various positions with the Australian Commonwealth Treasury, the Commonwealth Bank and the Australian Industry Group. Martin was a graduate in Economics from the University of Western Australia.