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China says S&P's downgrade a 'wrong decision'

2017-9-22 05:09| 发布者: leedell| 查看: 96| 评论: 0|来自: Xinhua

摘要: China's Ministry of Finance (MOF) on Friday said it was a "wrong decision" for Standard Poor's (SP) to cut China's sovereign credit rating. The ministry said on its website that the decision was "pe ...

China's Ministry of Finance (MOF) on Friday said it was a "wrong decision" for Standard & Poor's (S&P) to cut China's sovereign credit rating.

The ministry said on its website that the decision was "perplexing" as the downgrade came while China's economic growth had gained a firmer footing with improving quality as the country continues to push supply-side structural reform.

S&P lowered China's sovereign credit rating by one notch to A+ from AA-, citing economic and financial risks from its fast credit growth.

Calling it "cliche," the MOF said it was a pity for S&P to focus on China's fast credit growth and debt issues, but ignore the country's distinctive financing structure, the wealth-creating effect of the government's spending and its support for growth, as well as the sound development fundamentals and growth potential.

"The downgrade is a result of the international rating agencies' long-standing mode of thinking, and misreading of the Chinese economy based on developed countries' experiences," it said.

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