The Ministry Of Finance Responded To The Rating Adjustment: Overestimated The Difficulty And Underestimated The Capability.

Following Moodie, in March 31st, S & P released a report that China's sovereign credit rating remained unchanged, but the rating outlook was changed from "stable" to "negative".

In response, Shi Yaobin, Vice Minister of finance, responded yesterday that the Moodie and S & P adjusted the outlook of China's sovereign credit rating to "negative", which, to a certain extent, overestimated the difficulties faced by China's economy and underestimated China's ability to promote reform and deal with risks.

It is not necessary for Rating firm to worry about China's economic restructuring, real economy debt, state-owned enterprise reform, and financial market risks.

The Rating firm also needs in-depth understanding and comprehensive assessment of the achievements made in China's economic and social development and the progress made in structural reform.

Shi Yaobin believes that market confidence and expectation play an important role in the stable operation of modern economy and finance.

Sovereign credit rating is one of the factors that affect market confidence and expectations. However, the economic fundamentals of a country are the fundamental factors that determine the trend of economic and financial market operation.

Rating firm has adjusted China's sovereign credit rating outlook to "negative". It is only concerned about some risks and hints that it will not have a significant impact on China's real economy and financial market operation.

Shi Yaobin said: at present, China's economy is in the critical period of "three phase superposition" in the pformation of economic growth stage, and the external and internal conditions of supply and demand have undergone profound changes.

A comprehensive analysis of the long cycle of the world economy and the characteristics and interactions of China's development stages, we need to maintain reasonable economic growth, achieve qualitative leaps on the basis of quantity, and promote the pformation of the mode of economic development from extensive to intensive, and from extensive to connotative.

Balance and sustainability.

From the perspective of growth momentum, positive progress has been made in economic restructuring. The growth rate of the third industry is obviously faster than that of other industries. The basic role of consumption has been enhanced, the contribution rate of consumption to economic growth has been greatly improved, and the investment structure of fixed assets has been constantly optimized.

From the perspective of the quality of growth, the total labor productivity has been continuously improved, and the energy consumption per unit GDP has been decreasing gradually. The total factor productivity will be further improved by promoting technological progress, organizational innovation, specialization and production innovation, as well as increasing R & D investment.

From the perspective of growth environment, the potential risks in the economic operation are generally controllable and create favorable conditions for growth.

For example, the debt of local governments and real economy enterprises is still at a reasonable level, and the RMB exchange rate does not exist on the basis of sustained depreciation, and the financial market runs smoothly.

Deficit rate and debt ratio are important basis for rating agencies' rating.

For the positive

Shi Yaobin said that at present, China is shifting gears in economic growth.

Labor pains and new normal pformation of new and old kinetic energy need to constantly innovate the way of macroeconomic regulation and control, and continue to promote reform and opening up.

The implementation of a positive fiscal policy and greater efforts can not only play a coordinating role in fiscal policy and monetary policy, but also achieve directional force in the speed, structure and dynamics of economic growth.

Shi Yaobin said that the steady implementation of the proactive fiscal policy is very important for China to push forward the structural reform of the supply side.

By properly expanding the deficit, clearing taxes, setting up taxes, optimizing the structure and improving performance, the supply structure will be improved at the supply side, the power of development will be pformed smoothly, the effective demand will be lifted at the demand side, and the consumption potential will be continuously released, thus actively supporting the "capacity production, inventory elimination, deleveraging, cost reduction and compensation board" to promote steady economic growth.

The financial sector has been highly concerned by the international Rating firm. For this reason, Shi Yaobin said that finance is the core of the modern economy. The perfect financial system can effectively improve the efficiency of resource allocation and promote the development of the real economy in a market-oriented way.

However, the risks in the financial field will also have obvious negative externalities to the economy, especially the systemic financial risks, which are widespread, concealed, fragile and highly infectious.

Financial departments in various countries have always attached great importance to how to give full play to the role of financial support for the real economy and prevent systemic financial risks.

Shi Yaobin said that in recent years, the Ministry of finance has taken the initiative to take or cooperate with relevant departments to implement a number of measures to jointly safeguard the bottom line of systemic risk and support the development of the real economy.

In deepening the reform of state-owned financial institutions, we will continuously improve the governance of state-owned financial Institutional Firms, promote the establishment of a modern enterprise system, support qualified state owned financial institutions to issue and go public at home and abroad, enhance their own strength, improve risk control and other systems, strengthen incentive and restraint mechanisms, and enhance the vitality and competitiveness of institutions.

In support of inclusive financial development, through tax incentives, subsidies, incentives, interest discount and other measures, with the leverage advantage of "42 appropriated funds", the financial resources should be leveraged to focus on supporting agriculture, supporting small businesses and supporting the weak.