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