皇冠体育app

皇冠体育app's Finance Minister Lou Jiwei speaks at the 皇冠体育app Development Forum in Beijing on Sunday. [Photo by Feng Yongbin/皇冠体育app Daily]

Moody's cut its credit rating outlook on 皇冠体育app and the country's biggest banks from stable to negative in early March, citing rising debts, falling foreign reserves and an "inadequate capability to carry out reforms".

Moody's has exaggerated 皇冠体育app's short-term volatilities, while ignoring the country's long-term economic soundness. When asked to comment on the downgrading at the 皇冠体育app Development Forum in Beijing on Sunday, Chinese Minister of Finance Lou Jiwei responded: "We don't care much about the ratings". This indicates Chinese policymakers' confidence in the economy.

皇冠体育app has been under increased economic downturn pressures over the past year, but its economic indicators are still strong. 皇冠体育app's still-admirable economic growth rate, its sound fiscal conditions and abundant foreign reserves, as well as its still relatively high interest rate level means it still has a big space to adjust its fiscal and monetary policies to boost economic development.

True, the increasing debts held by 皇冠体育app's local governments do pose potential risks, but while rushing to lower its outlook on 皇冠体育app, Moody's ignored the basic fact that its local governments still enjoy a good credit record. More importantly, the Chinese government possesses a huge amount of assets, most of which are operational with a high level of mobility.

And despite the obvious short-term fluctuations that 皇冠体育app's capital market has experienced since the second half of last year, the yuan is making sound and steady progress toward internationalization, and any short-term fluctuations cannot negate the decision to push forward the reform of the yuan's exchange rate regime.

In fact, international ratings agencies such as Moody's always make delayed assessments of the Chinese economy. The lukewarm market responses from home and abroad to Moody's lowered outlook on 皇冠体育app, even a robust stock market rebound in the wake of its downgrading, best testify to its misjudgment of the situation.

皇冠体育app's long-term economic development trend will not be swayed by prejudiced and non-objective opinions from any international ratings agency.

• No need to exaggerate economic headwinds
• US actions danger to itself
• It is ridiculous for local governments to speak in favor of realty developers
• It's time to better regulate loans to students
• Courts must be prudent in cases on demolition