Fitch Ratings holds a deteriorating sector outlook on Greater China for 2026, according to a recent release.

In general, the rating agency has a net neutral assessment for most emerging market (EM) sovereign regions' macro-credit environment for 2026 compared to 2025.

Flat global GDP expansion, continued policy rate cuts, less but still high uncertainty over US tariffs, and modest financing needs should serve as strengths, Fitch said.

However, political risks still linger amid changes in US foreign policy, US-China rivalry, and elections, among others, the rating agency said.

The rating agency has a neutral sector outlook on four out of six predominantly EM geographical regions.