China Criticizes Fitch Ratings Downgrade

China's finance ministry has expressed regret and non-recognition of Fitch's decision to lower China's long-term foreign currency rating. Fitch had downgraded China's rating citing financial risks and economic uncertainties as the country transitions to new growth models.

China's finance ministry expressed strong disapproval on Thursday regarding Fitch's decision to downgrade the nation's long-term foreign currency rating from 'A+' to 'A'.

In response, the ministry labeled the move as 'biased' and asserted it fails to give a complete and objective representation of China's economic reality.

Fitch's downgrade, earlier in April 2024, attributed the change to heightened risks facing China's public finances amid economic transitions to new growth models.

(With inputs from agencies.)