Credit ratings agency Moody's expects China's economic growth to slow to the 7 and 7.5 percent range in 2014-15. But Moody's warns rising debt at the local government and corporate level may drag on growth.
Moody's says in a report that investment will be less crucial to China's sustainable growth but will remain an important driver.
The report also says the possibility of the central government having to offer financial assistance to local governments may constrain sovereign creditworthiness.
Moody's has changed China's outlook from positive to stable, and affirmed China's government's bond rating of Aa3.
