Moody’s concerns on China’s growth prospects ‘unwarranted’: official

China is disappointed with rating agency Moody’s move to change the country’s government credit rating outlook, as the Chinese economy has logged a continuous and steady recovery against the backdrop of weakening momentum of global economic recovery, a finance official said on Tuesday.

In response to a media inquiry on Moody’s change of outlook from stable to negative, the official from the Ministry of Finance said Moody’s concerns about China’s growth prospects and fiscal sustainability are unwarranted.

This year marks the first year for China’s economy to recover from the impact of the COVID-19 pandemic. The country has withstood risks and challenges from abroad and downward pressure brought about by multiple factors at home, seeing its gross domestic product up 5.2 percent year on year in the first three quarters, the official said.

Recent forecasts from multiple international institutions, including the World Bank, the International Monetary Fund, and the Organization for Economic Co-operation and Development, all showed that China can achieve its growth target of around 5 percent this year, the official said.

The Chinese economy has great resilience and potential, and its long-term sound fundamentals remain unchanged, the official said, noting that the country will remain an important engine for global economic growth in the future.

China’s vast domestic market has great demand potential, and the situation of employment and pricing is generally stable, said the official, adding that the economy’s internal impetus will continuously increase as the country accelerates promoting high-quality development.

(Cover via CFP.)

Source(s): Xinhua News Agency

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