S&P Maintains China’s Sovereign Credit Rating and Outlook; Ministry of Finance Responds

Recently, a responsible official from the Ministry of Finance (MOF) was interviewed regarding S&P Global Ratings’ decision to maintain China’s sovereign credit rating and outlook.

Reporter’s Question: On August 7, S&P Global Ratings released a report maintaining China’s sovereign credit rating at “A+” with a “stable” outlook. What is the MOF’s view on this?

MOF’s Response: We are pleased to see S&P’s decision to maintain China’s sovereign credit rating and stable outlook. The report highly recognizes the resilience of China’s economic growth and the effectiveness of debt management, reflecting confidence in China’s positive economic prospects.

In the first half of 2025, the Chinese government actively responded to a rapidly changing external environment, implemented a coordinated policy approach, and ensured stable economic performance with progress. Key economic indicators exceeded expectations, new productive forces developed positively, and social welfare safeguards were further strengthened, demonstrating the strong vitality and resilience of China’s economy. In H1 2025, China’s GDP grew by 5.3%, 0.3 percentage points higher than the full-year growth in 2024. Recently, the IMF raised its 2025 growth forecast for China to 4.8%, up 0.8 percentage points from its April projection.

In the second half of the year, China’s macroeconomic policies will continue to take effect and be adjusted as needed while maintaining continuity and stability. The government will enhance policy flexibility and foresight, focusing on stabilizing employment, businesses, markets, and expectations. Efforts will be made to boost domestic and international economic circulation, achieve annual socioeconomic development goals, and ensure a successful conclusion to the 14th Five-Year Plan.

In the long run, China’s economy has a solid foundation, multiple advantages, strong resilience, and vast potential, with accumulating positive factors supporting high-quality development. The strengths of socialism with Chinese characteristics, a mega-sized market, a complete industrial system, and abundant talent resources provide a solid foundation for sustained and healthy economic growth. Moving forward, China will continue to strengthen its endogenous growth drivers, dynamically adjust policy reserves in response to domestic and international changes, and ensure steady economic progress, contributing to global economic development.