Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Taiwan raps Fitch for calling it part of China in ratings upgrade

Stock MarketsSep 10, 2021 08:16AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. REUTERS/Reinhard Krause

TAIPEI (Reuters) -Taiwan's government scolded Fitch Ratings on Friday for calling the island part of China for the first time, in an announcement on upgrading Taiwan's economic outlook, and said it was talking to the company about the issue.

China, which claims democratically ruled Taiwan as its own territory, has pressured foreign companies to refer to the island as Chinese territory, often using the terminology "Taiwan, China", which they generally do to avoid losing access to the enormous Chinese market.

Fitch's press release used the expression "Taiwan, China" three times, including in the headline, though the statement did make other references to Taiwan without the addition of the word China.

Taiwan's Finance Ministry expressed "deep regret" at the name change and asked Fitch to revert to its previous convention of just using the word "Taiwan".

"The ministry will continue to talk to the company to get them to acknowledge this problem," it added.

A spokesperson for Fitch Ratings said: "The change to our naming convention for Taiwan was an operational decision". It did not elaborate.

The statement was otherwise positive for Taiwan, with Fitch upgrading it to 'AA' from 'AA-' with a stable outlook, saying the economy had outperformed its peers during the coronavirus pandemic.

Fitch is not the only ratings agency to refer to Taiwan in this way. Moody's (NYSE:MCO) also uses the formulation "Government of Taiwan, China" in some of its communications.

China's claims over Taiwan are a frequent source of anger in Taiwan, whose people have shown no interest in being ruled by autocratic Beijing.

The People's Republic of China has never ruled Taiwan, and its government has no say in how the island is governed.

In May 2020, Fitch Bohua Credit Ratings Ltd, a wholly owned subsidiary of Fitch Ratings, was granted approval https://www.reuters.com/article/china-pboc-ratings-idUSL4N2CW2W1 by Beijing regulators to operate in China’s $13 trillion onshore bond market, including providing bond ratings.

Taiwan raps Fitch for calling it part of China in ratings upgrade
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (3)
Necleus Electron
Necleus Electron Sep 11, 2021 12:44AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Like i said, supid taiwanese rather throw $23bln purchase worthless metal weapons from america than using these money for healthcare on their people. Imagine the maintenance and upkeeping costs per year to keep these metal junks running. Ultimately the fools are taiwanese, the winner is american.
David David
David9 Sep 10, 2021 6:27AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Taiwan, China is absolutely 100% the correct wording... 99% of the world sees it as such...
Pat Mathieu
Pat Mathieu Sep 10, 2021 6:17AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
C'mon man, Taiwan need not to worry, Biden is in the office.
David David
David9 Sep 10, 2021 6:17AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
It should not matter if Biden is in office or John Doe... Taiwan is China's internal affair. I find it strange that we have to worry about another country's internal affair.
David SheepofCCP
David SheepofCCP Sep 10, 2021 6:17AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
bu yau lian
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email