China is reacting to the downgrade by S & P- "The decision is wrong," says Finance Minister

China's finance ministry today described the S & P Global Ratings as a "wrong decision" to lower the country's creditworthiness.

Beijing argues that this decision ignores the data, but also the developmental dynamics of the Chinese economy.

S & P's downgrade of China's credit rating was made with less than a month of a series of major political processes in Beijing that will judge China's political path in the coming period.

"The downgrade reflects our assessment that a long period of strong credit growth has strengthened China's economic and financial risks," S & P said in a statement, adding that the prospect of the lender is stable.

S & P's move follows a similar downgrade of China's lender by Moody's in May, as the country's government is struggling to reduce the financial risks that arise after years of supporting the economy with credits to meet official growth targets.

China's finance ministry said today that Beijing's ongoing economic initiatives will ensure economic stability by limiting risks.