A Chinese government adviser said the country is entering a new phase of stable, moderate economic growth that may last for 10 years, Reuters reported.
Liu Shijin, vice-chairman of state think tank China Development Research Foundation, said the economy has escaped a seven-year slowing growth path, but it is not on track for a strong recovery, as real estate investment – a major growth driver – will likely continue to decline.
"We have had initial proof that the economy has bottomed out and may be entering a new period of steady growth, thanks to more stabilized final demand," Liu told an economic forum in Beijing, according to the report.
China's economy grew 6.9% year over year in the second quarter of 2017, the same expansion rate as in the previous quarter.
The country set a modest growth target of about 6.5% for 2017, after the economy expanded 6.7% in 2016, its weakest growth in 26 years.
The Asian Development Bank predicted the Chinese economy would expand 6.7% in 2017 and 6.4% in 2018, while Fitch Ratings expected lower GDP growth of 5.9% in 2018 and 5.8% in 2019.