US ratings agency Moody's has cut its outlook for China from stable to negative. Moody's said the change in outlook was based on expectations that Beijing's fiscal strength would continue to decline While reaffirming its current debt rating, the agency warned that reforms were needed to avoid a downgrade. Moody's said it was concerned over China's incomplete implementation of much needed reforms. Without credible and efficient reforms, China's GDP growth would slow more markedly as a high debt burden dampens business investment and demographics turn increasingly unfavourable, Moody's said in a note. China's economy, the second-biggest in the world, is growing at the slowest rate in 25 years as it attempts to move from an export-led nation to one led by consumption and services. The slowdown in China's economy has created considerable uncertainty in financial markets and has led to sharp falls in commodity prices.