Workers direct a crane lifting newly made steel bars at a factory in Dalian, Liaoning province, China, October 13, 2015. REUTERS/China Daily
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China's industrial engine cranked up again in May, reassuring investors worried about slowing growth in the world's second-biggest economy as it grappled with debt risks and tried to shake off a stinging ratings downgrade from Moody's Investors Service. Moody's sees an improving global outlook even as it warned of a slowdown in China later in the year as liquidity-tightening measures take effect.The Moody's expects 2017 growth for China at 6.6 percent, in line with the official target of at least 6.5 percent.In cutting China's sovereign rating for the first time in nearly 30 years last week, Moody's cited the contradiction between using stimulus to meet growth targets and trying to reduce debt in the economy.Moody's said it expected G-20 economies, which account for 78 percent of the global economy, to collectively grow at an annual rate of 3.1 percent this year and next, from 2.6 percent in 2016 .
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