China’s finance ministry said on Friday S&P Global Ratings’ decision to downgrade the country’s sovereign credit rating was “a wrong decision” that neglects the economic fundamentals and development potentials of the world’s second-largest economy.
S&P on Thursday cut China’s long-term sovereign rating less than a month ahead of one of the country’s most sensitive political gatherings, citing increasing risks from its rapid build-up of debt.
China’s finance ministry said in a statement on Friday the country can maintain appropriate credit growth. It also said the government’s recent efforts to fend off financial risks will ensure the stability of its financial system and its ability to support China’s real economy.
Source: Reuters (Reporting by Stella Qiu, Min Zhang and Se Young Lee; Editing by Sam Holmes)