China's Finance Ministers Dismiss 'Biased' Agency Credit Outlooks as 'Publicity Stunt'
Yicai Global
/SOURCE : Yicai
China's Finance Ministers Dismiss 'Biased' Agency Credit Outlooks as 'Publicity Stunt'

(CBN - Global) April 18 -- Chinese Vice Minister of Finance Zhu Guangyao has dismissed as a 'publicity stunt' the recent downgrade of China's credit outlook to negative from stable by international ratings agencies Moody's and Standard & Poor's.

"Rating agencies use publicity stunts for the sake of [promoting] their own business, and tend to show off sometimes," he said during a visit to the US. "Such practices will only result in damaging their own reputation."

Chinese Minister of Finance Lou Jiwei also stated, "Rating agencies are biased, and we do not blame them."

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