China Special: Why S&P has missed the mark with China downgrade

Rating went from AA- to A+

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Edmund Harriss of Guinness Asset Management
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Edmund Harriss of Guinness Asset Management

China's credit rating was recently downgraded by Standard & Poor's (S&P) from AA- to A+ because of worries over the rapid growth of the country's debt.

Not surprisingly, China refuted concerns, with the country's Ministry of Finance (MOF) saying that "the downgrade is a result of [S&P's] long-standing mode of thinking, and misreading of the Chinese economy...

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