China's debt buildup is continuing despite economic slowdown, but for the time being, it won't trigger a financial crisis, said a credit officer with global credit ratings agency Moody's Investor Service.

Moody's noted China's overall credit growth is still outpacing nominal GDP, leading to higher debt-to-GDP ratio. In particular, corporate debt has reached 160 percent of GDP in mid-2015, twice the level in the United States, according to a Thomson Reuters study, and among the highest in the world.

History shows such a debt overhang usually precedes a financial crisis. But, Michael Taylor, chief credit officer for Moody's Asia Pacific region, told China Daily he did not believe this is the case for China.