China says Fitch rating outlook downgrade 'regrettable'

China's Ministry of Finance said Wednesday that it is regrettable to see Fitch Ratings' move to downgrade the country's sovereign credit rating outlook.

The ministry made the remarks in response to media queries after the agency decided to maintain China's sovereign credit rating but revised its outlook on its sovereign credit rating from stable to negative on the same day.

Fitch's rating system has failed to effectively reflect the positive effects of China's fiscal policies on boosting economic growth and stabilizing the macro leverage ratio in a forward-looking manner, the ministry said in a statement.

The ministry said the plan to keep China's deficit-to-GDP ratio at 3 percent in 2024 is generally "moderate and reasonable," which will help stabilize economic growth, control government debt level, and reserve policy space for potential future risks and challenges.

The long-term positive momentum of the Chinese economy has not changed, and the Chinese government's ability and determination to maintain sound sovereign credit also remain unchanged, it said.