China's steady economic recovery boosts global expectations for future growth

Recent data showed that as a pillar of the Chinese economy, the automobile market has seen a robust recovery. A total of 2.5 million vehicles were sold in June, up 23.8 percent year-on-year and 34.4 percent month on month.

China has a solid foundation for further economic growth due to its large population and domestic demand, which allows the economy to remain reasonably stable in the long run, said Sergei Lukonin, head of the Department of Economics and Politics of China at the Institute of World Economy and International Relations of the Russian Academy of Sciences.

Targeted measures to unlock potential

Behind the hard-won economic bounce-back lies a raft of effective measures rolled out to stimulate growth.

In late May, China unveiled 33 measures in six areas to galvanize the economy. Some taxes and fees were scrapped or deferred to reduce business burdens, and digital coupons were given to residents to spur spending.

To dislodge foreign trade companies from operation difficulties, customs authorities across China have put forward 854 detailed measures to smooth trade logistics, strengthen financial support and stabilize industrial and supply chains.

While the employment situation has remained stable, China has taken action to shore up policy support for the labor market.

Efforts have been made to promote innovation, boost consumption and curb inflation to help unlock the enormous potential of the world's biggest consumer market.