China Criticizes S&p Credit Rating Cut As 'wrong Decision'

BEIJING (AP) — China's Finance Ministry on Friday criticized the cut in the Standard & Poor's rating agency's credit rating on Chinese government borrowing as a "wrong decision" and said it ignores the country's economic strength. S&P announced the change Thursday, citing rising debt it said increased financial risk. The move added to warnings China's debt burden might drag on economic growth or threaten the financial system.

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