Azernews.Az

China's Ministry of Finance said on Thursday that it deeply regrets and does not recognize a ratings downgrade by Fitch Ratings, Azernews reports, citing Xinhua.

The statement by the ministry came after the ratings company said in a report on Thursday that it has downgraded China's long-term foreign-currency issuer default rating to 'A' from 'A+', with a stable outlook.

The downgrade was announced despite Fitch's recognition that China has a more robust economic growth prospect and a key position in global trade based on communications between the company and the Chinese side, the ministry said in a statement, while adding that the downgrade is biased and does not fully and objectively reflect the actual situation in China.

The ministry argued that China's 5 percent GDP growth in 2024 was among the best in major world economies, and that China is currently further building up advantages stemming from talent dividends, capital and technological progress. In addition, the ministry also pointed out that China's emerging economic sectors, urbanization and market-oriented reforms represent further growth potential.

Since the beginning of this year, various macro policies have continued to make an impact -- with the economy extending a good growth trend and the quality of development steadily improving, it said.

Notably, the International Monetary Fund and the World Bank recently both made improved revised projections for China's economic growth in 2025.

Meanwhile, the United Nations and the Organization for Economic Cooperation and Development have forecast that China's GDP growth this year will be above 4.5 percent, close to the growth target of around 5 percent set by the Chinese government.