S&P rating cut lacks credibility: Experts

Leading economists and financial experts spoke out on Monday against S&P Global Ratings' downgrading of China's sovereign credit rating, saying that the moves lacked credibility and neglected the reality of the nation's financing structure and the overall quality of the country's banking industry.

"S&P Global Ratings' decision focused only on China's leverage level but overlooked the possibilities of risk control in a different financing structure," said Pan Guangwei, executive vice-president of the China Banking Association.

China's leverage level had been on the rise for some time, said Pan, but it was too simplistic to directly compare it with other countries.