The theory that S&P Global Ratings......>

CHINA PRESS: The theory that S&P Global Ratings used in its downgrading of

China's sovereign rating on Thursday has not kept pace with the rapid economic

development of China and so does not reflect the current economic situation,

particularly the economic growth trend of the country, in a timely and

comprehensive way, the Xinhua News Agency reported Friday. S&P said risks to the

Chinese financial system had increased based on changes in a number of

short-term indicators, a method that "needs further discussion", the report

said, citing analysts. Although the decision by S&P was a "misjudgement", China

sees it as a "well-intentioned warning", the report said, so the country will

further strengthen its campaigns to deleverage the financial system and prevent

risks from local government debt. The rating downgrade will not influence

China's attraction as a destination for foreign investment, particularly given

China is in the process of optimizing the investment environment, the report

argued.(Xinhua News Agency)