S&P Global Ratings' one-notch downgrade of....>

CHINA: S&P Global Ratings' one-notch downgrade of China's sovereign credit

rating was a "wrong decision," the Ministry of Finance said Friday in a

statement on its website. It is "confusing" why S&P downgraded China when its

economy is growing solidly and the quality of economic growth is improving, the

ministry said. The view that rapid credit increases and heavy debt burdens is

impinging on China's economy is "an old story" that neglects the funding

structure of China's financial system and also neglects the wealth accumulation

and support provided by Chinese government spending. "It is a pity that the

international ratings institutions misread the Chinese economy due to their

inherent thinking based on their experience with other developed countries," the

statement said.