Moody’s Raises Global Economic Outlook Despite China’s Debt Risk

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 ratings agency said the biggest risks to global growth, including protectionism and European Union exits, seemed to have subsided, although an opinion poll in Britain pointed to the danger of a hung parliament in elections next week.

Moody’s expects 2017 growth for China at 6.6 percent, in line with the official target of at least 6.5 percent.

China’s official Purchasing Managers’ Index (PMI) eased worries about a sudden slowdown after a run of weak readings of April data. The PMI was at 51.2 in May, compared with

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