(Yicai Global) Aug. 30 -- Renowned international rating institution Moody's Investors Service has increased its projection for China's gross domestic product growth this year and next.

It upped its forecast for growth in 2017 to 6.8 percent, up 0.2 percentage point, and bumped its 2018 projection up from 6.3 percent to 6.4 percent.

Growth in Asia's major economies will continue, and the economic growth in G20 will be 3 percent during 2017 and 2018, Moody's said. However, Asia and the rest of the world will still be subject to risk of crises relating to the Korean Peninsula and the Middle East.

Moody downgraded China's credit rating from Aa3 to A1 in May. In a sense, the opinions from Moody's ratings report have overestimated the challenges that China faces in the economy, while underestimating the Chinese government's capability to deepen structural reform in the supply side and expand the aggregate demand appropriately, said China's Ministry of Finance.