Moody's: China should speed up financial reforms

Rating agency Moody's forecasts that China will see its economy grow 7.5 percent each year from 2012 to 2014. But it also says that the world's second largest economy must accelerate the pace of financial reform in coming months, to sustain economic growth.

Moody's says expectations of steady expansion means China is unlikely to suffer any economic "hard landing", or abrupt slowdown, but it warns that the days of easy growth are over. It says financial reforms must be made to cut inefficiencies and make space for a more market-driven system.