China’s reopening has kickstarted its road to recovery, but challenges remain, such as continued property market weakness, a slowing global economy weighing on demand for Chinese exports, and longer-term structural issues including demographic changes.
Discussion Topics:
- Overview of key risks in 2023: continued property market weakness, slowing global economy weighing on demand for Chinese exports
- What are the credit implications to Chinese banks from the recent banking turmoil?
- Which sectors will benefit most in China’s post zero-COVID era and policy incentives to support growth?
- To what extent will moderate credit easing help high-yield POEs?
- What structural issues does the Chinese economy continue to face?
- How will China manage decarbonization while balancing near-term and longer-term sustainable growth?
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SpeakersClement Wong Managing Director, Corporate Finance Moody's Ratings
Ning Loh Managing Director, Global Head of Credit Strategy Moody's Ratings
Chen Huang Executive Director - Ratings, Financial Institutions Moody's Ratings
Lina Choi Executive Director, Corporate Finance Moody's Ratings
Martin Petch Vice President, Sovereign Risk Moody's Ratings
Lillian Li Vice President - Senior Credit Officer, Credit Strategy and Guidance Group Moody's Ratings
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Clement Wong is a Managing Director and team leader with Moody’s Ratings Corporate Finance Group. Based in Hong Kong, he oversees a team of rating analysts covering Chinese industrial corporate entities in sectors including internet, technology, auto, chemicals, food and beverage and more. He and his team are also actively involved in Moody’s Greater China investor outreach activities and have been authoring sector- , issuer- and credit trend-specific research reports.
Clement is an auditor by training with PricewaterhouseCoopers and Deloitte. He has over 20 years of credit experience in the banking industry.
Prior to joining Moody’s in 2014, he was Country Credit Officer for Wholesale Banking in Hong Kong and Japan at Standard Chartered. Clement has also worked for several international banks, including Citibank, where he helped set up the commercial banking risk management team in China while stationed in Shanghai for almost five years. During his time at Citibank Shanghai, he also collaborated with other teams to build the bank’s framework for lending and approving credits; and before relocation to Shanghai, as Senior Credit Officer, worked on assessing large corporates’ credit exposure; and had been in charge of problem loan recovery for small-medium-sized companies.
Clement holds a Master’s degree in International and Public Affairs and a Bachelor of Social Science degree from The University of Hong Kong. He is also a CFA charterholder and a CPA.
Ning Loh is Managing Director and Global Head of Credit Strategy at Moody’s Ratings, based in Hong Kong. In this role, he is responsible for defining, articulating and promoting Moody’s global house views on credit drivers, macroeconomic forecasts, financial markets and emerging markets dynamics.
Since joining Moody’s in London in 2005, Ning has held roles across various markets and rating groups in Europe, Asia, and the US. In 2015, he moved to Hong Kong to lead the structured finance new ratings franchise for South and Southeast Asia. In 2018, Ning led the U.S. Corporate Asset-Backed Securities (ABS) team.
He later returned to Hong Kong to head the North Asia (excluding Japan) team in the Project & Infrastructure Finance Group before taking on his current position. Before joining Moody’s, Ning practiced law in London, specialising in structured finance and debt capital markets. Ning holds a Master's in Civil Engineering from Imperial College London and is a Solicitor of the Senior Courts of England and Wales.
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.
Lina Choi is an Executive Director with the Corporate Finance Group for Moody’s Investors Service HK Ltd. She covers a portfolio of Chinese corporates in various sectors, including Internet, technology, food and beverage.
Before joining Moody’s, Lina worked as a senior investment analyst for AllianceBernstein Holdings LP, a US asset management company. She covered Chinese equities in the telecoms, media and technology sectors. Lina has also worked as an Executive Director at Morgan Stanley’s Equity Research Division, overseeing the Asian telecommunications industry.
Lina has an BA in Economics from the University of Chicago. She is a CFA charter holder.
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.
Lillian Li is a Vice President–Senior Credit Officer in the Credit Strategy and Guidance Group.
Based in Shanghai, Lillian contributes to thematic research on China, Japan and Korea, particularly with a cross-sectoral and macroeconomic credit focus. Lillian also drives and coordinates research initiatives covering major regional credit events.
Lillian’s role includes designing scenario analysis to test the resilience of credit ratings to a range of potential economic outcomes, as well as developing research publications on macro and credit trends and general market outreach for Great China.
Lillian joined Moody’s after eight years with the McKinsey Global Institute, where she led China macro-related research, including trends related to the macroeconomy, local government debt, as well as urbanization and sustainability. Lillian was also involved in analyzing the real estate, steel, auto and internet retail sectors.
Prior to joining McKinsey, Lillian was an Economic Analyst with the Canadian government’s Department of Foreign Affairs and Trade.
Lillian holds a Masters in Economics from the University of Ottawa and an MBA from the University of Warwick.