Moody's bullish on China GDP growth

China's economy is set to expand at a faster rate this year than last year's 7.8 percent amid policy easing and credit extension, Moody's Investors Service said in a report Wednesday.

Recent data pointed to an economic rebound in China, which suggests gross domestic product growth will likely hit the upper half of the 7.5 percent to 8.5 percent range this year, the report said.

China's exports jumped 25 percent year on year in January while imports surged 29 percent, giving a trade surplus of US$29.2 billion.

Moody's said economic growth may range between 7 percent and 8 percent over the next five years through 2017 due to continued financial market reforms and the introduction of sound regulations.

But Moody's warned that unchecked non-bank financing such as the wealth management products may exert pressure on the financial system.