Taiwan wraps Fitch in a rating upgrade calling it part of China

Taipei-The Taiwanese government said Friday in an announcement about improving Taiwan’s economic outlook, scolding Fitch Ratings for making its first call to a part of China’s island and discussing the issue with the company.

The Chinese Communist Party (CCP), which claims to have democratically ruled Taiwan as its territory, pressures foreign companies to call Taiwan the territory of China, often using the term “Taiwan, China.” Huge Chinese market.

Fitch’s press release used the phrase “Taiwan, China” three times, including the headline, but the statement made other references to Taiwan without adding the word China.

The Taiwan Treasury has expressed “deep regret” about the name change and urged Fitch to return to its previous practice of using the word “Taiwan.”

“The ministry will continue to talk with the company to acknowledge the issue,” he added.

“The change in Taiwan’s naming convention was an operational decision,” said a Fitch Ratings spokesperson. It didn’t elaborate.

The statement was positive for Taiwan as Fitch said the economy outperformed its peers during the coronavirus pandemic and upgraded from “AA-” to “AA” with a stable outlook.

Fitch is not the only rating agency that refers to Taiwan in this way. Moody’s also uses the “Taiwan, Chinese Government” formulation in some communications.

The Chinese administration’s allegations against Taiwan are a frequent source of anger in Taiwan, and Taiwanese people are not interested in being dominated by dictatorial CCPs.

The Chinese Communist Party has never ruled Taiwan, and the administration says nothing about how Taiwan is governed.

In May 2020, Fitch Bohua Credit Ratings Limited, a wholly owned subsidiary of Fitch Ratings, announced in Beijing that it would operate in China’s $ 13 trillion land bond market, including providing bond ratings. Approved by the regulator.

Epoch Times staff contributed to this report