Moody's Investors Service said on Tuesday that global growth will be weak over the next two years as the slowdown in China and other emerging economies continues to weigh on the global economy. The agency expects G20 GDP to grow at average 2.8% in 2015-17. G20 GDP is forecast to increase to 2.8% in 2016 and 3% in 2017 from 2.6% in 2015.

"Muted global economic growth will not support a significant reduction in government debt or allow central banks to raise interest rates markedly. Authorities lack the large fiscal and conventional monetary policy buffers to protect their economies from potential shocks," Senior Vice President, Credit Policy, Marie Diron, said.

The Chinese GDP is expected to rise under 7% in 2015, 6.3% in 2016 and 6.1% in 2017.