The ratings agency said it expects China's GDP growth will remain in the high single digits. S&P rates China AA+ with a stable outlook. China's ability to withstand an economic downturn is crucial for the rest of Asia, because it has been driving growth in the region, according to the Wall Street Journal.

China recently surpassed Japan to become the second-largest economy in the world behind the U.S. S&P has a bleak outlook, saying the country's economic growth outlook remains "tepid." S&P has a rating of AA on Japan with a negative outlook.

Asia-Pacific governments have emerged from the global crisis with their finances in good condition, having learned lessons from the 1997 financial crisis, the Journal reported, citing S&P.

August 20, 2010 (Chinavestor) JPMorgan Chase (NYSE:JPM), the second-largest U.S. bank by assets, lowered its 2010 GDP forecast for China to 9.8% from a previous estimate of 10% because the U.S. and global economic recoveries appear to be "losing momentum" as the bank put it. The bank also lowered its 2011 growth outlook.