Chinese deputy finance minister Zhu Guangyao says some rating agencies do not have fully understood China's growth potential.

He made the remarks following China's credit outlook was downgraded to negative by some of these agencies.

Standard & Poor's said on Thursday that China's sovereign credit rating had slipped to negative because excessive government spending and debt may curb growth.

Meantime, Moody's also made a similar decision, based on expectations that China's fiscal strength would continue to decline.

Zhu Guangyao said China hopes the rating agencies making their assessments based on objective principles.

"We don't think that rating agencies have real comprehensive understanding of Chinese economic development potential, and don't understand our very hard determination to promote structural reform, particularly from the supply side. And we really hope that rating agencies can make their assessment on the real principle or policy to see the country with willingness and ability to pay debt."

The minister says this is a fundamental principle for rating agencies, in determining ratings for countries and even companies.

"This is a very important thing concerning rating agencies' credit and reputation. So why there is so many criticism in the world for the rating agencies, because people believe they are not objectively reflect the fact. We really hope that rating agencies will learn lessons from those mistakes they had made before, including in the 1998 Asian financial crisis and the 2008 international finance crisis."

Despite this, the CEO of Dow Chemical said the rating downgrade has no impact on the company's development plan in China.

CEO Andrew Liveris said his company believes in investing in people, and opportunities based on the Chinese government's emphasis on boosting domestic consumption.

Liveris says he was very optimistic about China's economy.