Moody's may further raise China's credit rating if the country's local government debts can be controlled, the financial industry remains stable and China succeeds in rebalancing its economy, Tom Byrne, Moody's senior vice president and regional credit officer said on November 8.

China has limited exposure to the eurozone sovereign debt crisis. High savings rates and a current account surplus have made the country capable of preventing the debt crisis from spreading to itself, Byrne said.

In November last year, Moody's raised China's credit rating from A1 to Aa3, the fourth highest ranking, and maintained its positive outlook, based on the country's resilient economic performance and expectations of continued strong growth and macroeconomic stability.

The ratings agency said it expects China's real economic growth will stand at 9.6 percent this year, and average 9.5 percent over the next five years.

Meanwhile, Moody's said it expects the ratio of central government debt to GDP will fall from 16.5 percent this year to 9.3 percent in 2016.

Source: Xinhua