A man walks through dust whipped up by wind at the construction site near newly erected office skyscrapers in Beijing, China April 20, 2017. Reuters / Thomas Peter

China’s finance ministry said on Friday S&P Global Ratings’ decision to downgrade the country’s sovereign credit rating was “a wrong decision” that neglects the economic fundamentals and development potential of the world’s second-largest economy.

S&P on Thursday cut China’s long-term sovereign rating less than a month ahead of one of the country’s most sensitive political gatherings, citing increasing risks from its rapid build-up of debt.

China’s finance ministry said in a statement on Friday the country can maintain appropriate credit growth.

It also said the government’s recent efforts to fend off financial risks will ensure the stability of its financial system and its ability to support China’s real economy.

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