China said the decision of S&P to downgrade the country’s sovereign rating incorrect

© Flickr / EflonКомпания Standard & Poor’s. Archival photoChina said the decision of S&P to downgrade the country’s sovereign rating incorrect© Flickr / Eflon

The decision of international rating Agency S&P Global Ratings (S&P) to downgrade the sovereign credit rating of China is incorrect and difficult to understand, said the Ministry of Finance of China.

On Thursday the international rating Agency S&P Global Ratings (S&P) downgraded the sovereign credit ratings of China in national and foreign currencies from «A+» from «AA-» with a stable Outlook.

«The decision of rating Agency S&P to downgrade the sovereign credit rating of China is incorrect. In recent years, in the face of changes in the trend of economic growth and factors of production, the Chinese government are conducting structural reform, the Foundation of economic growth became even stronger, as economic growth continues to improve,» — said in a statement published on the website of the Chinese Ministry of Finance.

The Ministry stressed that «in such circumstances, the decision of S&P to downgrade the credit rating of China is difficult to understand».

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