Updated: 2012-07-16 (China Daily) - Analysts from financial institutions have predicted China's economy to rebound in the third quarter this year, despite a decline in the previous six consecutive quarters, Securities Daily reported.
China's GDP grew 7.6 percent year-on-year in the second quarter this year.
Hu Yifan, an analyst of Haitong International Securities Group Limited said the second quarter data is within expectations as previous data have suggested a declining trend.
Tang Jianwei, a senior macro-economy analyst with the Financial Studies Center of the Bank of Communications, said multiple sectors contributed to the bad performance of the economy, including the central government's active macro-control of the economy and negative outside impact.
Zhu Haibin, chief China economist at JPMorgan Chase & Co, said data for China's economy in June suggested that demand is rallying. He explained that industrial added value grew 0.9 percent month-on-month and 9.5 percent year-on-year in June after seasonal adjustments. In addition, export grew 11.3 percent year-on-year.
Hu expected China's economy to begin rebounding in the third quarter and expected the whole year GDP growth rate to be 8.2 percent year-on-year.
Tang expected the GDP growth rate for this year to be 8 percent.