Current location:travel >>
China criticizes Fitch's sovereign rating downgrade
travel6232People have gathered around
IntroductionRating agency Fitch's sovereign credit rating methodology and indicator system have failed to effect ...
Rating agency Fitch's sovereign credit rating methodology and indicator system have failed to effectively take into account the positive role of China's fiscal policies, which are more proactive with better efficacy in boosting economic growth and in turn, stabilizing macro leveraging ratios, a senior official from the Ministry of Finance said on Wednesday.
According to an online statement by the ministry, the official said that in the long run, maintaining an appropriate deficit scale and properly using valuable debt funds will help expand domestic demand, support economic growth and eventually facilitate maintaining a sound sovereign credit rating situation.
The comments came after Fitch revised on Tuesday its outlook for China's sovereign credit rating to "negative" from "stable", citing increasing risks to the country's public financing outlook.
"The Chinese government always manages to achieve the multiple goals of supporting economic development, preventing fiscal risks and achieving fiscal sustainability, while scientifically and rationally planning for the deficit scale in accordance with changes in the situation, thereby maintaining the deficit rate at a reasonable level," the official said.
China set its targeted fiscal deficit-to-GDP ratio at 3 percent this year, which is moderate, reasonable and conducive to stable economic growth, and could also effectively control the government's debt ratio. It also reserves policy space for addressing possible risks and challenges in the future, the official said.
China's budget deficit for 2024 is 4.06 trillion yuan ($560 billion),180 billion yuan higher than last year. The expected deficit rate of 3 percent is the same as the target last year.
Such an arrangement is conducive to maintaining the necessary expenditure intensity to utilize countercyclical fiscal adjustments and thereby stabilize and boost market confidence. It is also conducive to balancing development and security, preventing government debt risks, and leaving room for dealing with complex and difficult situations in the future, the official said.
Overall, addressing local government debt situations is proceeding in an orderly manner in China, with risks generally kept under control.
Looking ahead, the ministry will work with relevant parties to further promote the implementation and effectiveness of the package of measures resolving local government debt risks, strictly supervise and hold accountable violations of laws and regulations on debt raising, focus on building a long-term mechanism to prevent and resolve implicit local government debt risks, accelerate the establishment of a long-term government debt management mechanism that aligns with high-quality development and gradually resolve local government debt risks in the process of high-quality development, the official said.
Foreign Ministry spokeswoman Mao Ning said at a regular news conference on Wednesday that the long-term positive economic prospects of the Chinese economy remain unchanged, and China's determination and ability to maintain its sovereign credit status will not change either.
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“Stellar Sphere news portal”。http://chile.downmusic.org/news-14a699968.html
Related articles
US defender John Brooks to leave German club Hoffenheim
travelSINSHEIM, Germany (AP) — United States defender John Brooks is set to leave German Bundesliga club H ...
【travel】
Read moreSurvey finds 8,000 women a month got abortion pills despite their states' bans or restrictions
travelThough their states severely restrict abortion or place limits on having one through telehealth, abo ...
【travel】
Read moreDay care costs: With Congress reducing support, states step in to help families
travelALBUQUERQUE, N.M. (AP) — Across the country, the story for families is virtually the same: Child car ...
【travel】
Read more
Popular articles
- Hong Kong: Authorities will monitor internet platforms for non
- Kim Kardashian shares behind
- Rihanna and ASAP Rocky's son RZA turns 2! Superstar couple shares adorable never
- Jennifer Lopez says she's 'the thinnest I've ever been' after filming Kiss of the Spider Woman
- Ecuador: Fire department honors five rescue dogs during retirement
- Primaries in Maryland and West Virginia will shape the battle this fall for a Senate majority
Latest articles
Canada beats Czechs 4
Migration tracking group says 76 million people were displaced within their countries in 2023
Pixie Geldof displays her legs in a thigh
Harry Dunn, former US Capitol police officer, running in competitive Maryland congressional primary
Mariachis. A flame
Prince Harry and Meghan Markle hint there are more quasi
LINKS
- Police break up protest by pro
- Democrats commit $7 million to TV ads in five key state Senate races
- Nelly Korda goes for a sixth straight win on LPGA Tour
- Plastic surgeons reveal which Met Gala celebs they think may be using Ozempic
- Michelle Yeoh to star in upcoming Amazon Prime Video sci
- Teoscar Hernández hits 2
- Brainteaser contains the genuine logos of popular brands hidden among fakes
- One Extraordinary Photo: AP photographer’s Pulitzer Prize
- Trucker acquitted in deadly crash asks for license back, but state says he contributed to accident
- Moment Harry chuckles as he's asked 'are you happy to be home' during whistle