Financial institutions upbeat on China economy

Overseas financial institutions have expressed their confidence in the prospects of China's economy, as the country's high-quality growth efforts are gradually paying off.

The latest data from the National Bureau of Statistics show that China's gross domestic product expanded 5 percent year-on-year in the first half.

On a seasonally adjusted basis, GDP grew 0.7 percent in the second quarter, marking the eighth consecutive quarter of positive growth.