China’s finance ministry officially responded Friday to Standard & Poor’s surprise move to downgrade China’s sovereign credit rating, explaining why it was the “wrong decision.”

In answers to media questions posted on the ministry’s website, officials cited sound economic fundamentals and development potential, saying that the government is fully capable of maintaining financial stability if it remains prudent.

“…under these [economic circumstances], S&P’s sovereign credit rating downgrade is incomprehensible.”

“Regrettably, this decision is a misinterpretation of China’s economy, coming from the international rating institutions’ long-held way of thinking, based on the experience of developed countries”