S&P Global Ratings' affirmation on China outlook reflects recognition of China's economic resilience: finance ministry

BEIJING, June 27 (Xinhua) -- China's Ministry of Finance said Thursday that S&P Global Ratings' report affirming an A+ rating for China sovereigns with a stable outlook showed the rating agency's recognition of the resilience and prospects of China's macroeconomy.

The ministry made the remarks in response to media queries, stating that S&P Global Ratings' decision to maintain a stable outlook on China, in contrast to Moody's Ratings and Fitch Ratings' move to downgrade the country's sovereign credit rating outlook, also reflected the independence and professionalism of its rating team.

China's multiple advantages, including a large market scale, solid development foundation, and the government's continuous efforts to optimize macro-control policies and strengthen counter-cyclical and cross-cyclical adjustments, have consolidated the country's economic recovery, said the ministry.

The ministry said the World Bank and the International Monetary Fund recently raised their forecasts for China's economic growth, confirming the above views.

S&P Global Ratings sent a team earlier to China for re-evaluation, communicated in-depth with relevant Chinese government departments, think tanks, and market institutions, and conducted research that supported objectively rating China's sovereign credit status.

China hopes that international rating agencies will visit China more often to gain a deeper understanding of China and view China's economic development potential and sovereign credit rating level more comprehensively and from a developmental perspective, the ministry said.