July 18, 2015

'"The acceleration was broad based: primary, secondary and tertiary industry GDP all rebounded sequentially," said Song Yu, [Beijing-based] economist with Goldman Sachs.'

Xinhua Wall Street analysts have predicted a pick-up of China's economy in the second half of this year after its gross domestic product (GDP) data for the second quarter was published well above market expectations.

'China's second-quarter GDP expanded 7 percent year-on-year, remaining unchanged from the first quarter. It grew 1.7 percent over the previous quarter, the National Bureau of Statistics announced on Wednesday.

'The growth rate beat the median market forecast of 6.9 percent for the second quarter.

'"The economic data points released are positive indications that China's economy is coming through a bottoming process," said Brendan Ahern, chief investment officer of the U.S. fund company KraneShares.

'"Second quarter GDP generally surprised on the upside. The largest driver appears to be the services," said Qu Hongbin, chief China economist with the Hongkong and Shanghai Banking Corporation (HSBC) in a report.'

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