Experts and analysts believe there would be no major upside or contraction of the Chinese economy in the second half of this year.

"I think the big picture of the Chinese economy will be stable in the second half of this year. But we should note that downward pressure still persists. I think the government will issue more measures to boost infrastructure investment, social financing and foreign trade. So we forecast the GDP growth for the second half of this year to be around 6.7 to 6.8 percent," said Cai Junyi, chief analyst of Shanghai Securities.

"I believe the priority for China's monetary policy will continue to be stabilizing the growth of the real economy. China's stance on a prudent monetary policy will be long maintained. But we cannot rule out the possibility that the central bank will cut banks' reserve requirement ratio once or twice if the downward pressure still lingers in the second half of this year," said Liu Xuezhi, senior analyst of Bank of Communications.