The Chinese Academy of Social Sciences estimates China's economy to grow 6.7 percent and 6.6 percent in the third and fourth quarter, and post overall growth of 6.7 percent for the full year. CASS said fourth-quarter growth would be affected by efforts to cut overcapacity, while traditional growth drivers such as infrastructure, property and private investment faced downward pressure.

Other financial institutions lifted estimates for China’s economic growth. Standard Chartered Bank expects China's second half GDP to grow 6.9 percent, while annual economic growth would reach 6.8 percent. The bank said economic performance in August was better than in July, trade data beat expectations, industrial output maintained a steady rise, and investment numbers also improved, which mean economic growth remained stable and risks of a hard landing are relatively low.

Barclays Capital said China’s economic indicators are generally getting better, and raised its 2016 outlook for China's GDP growth from 6.3 percent to 6.7 percent. Barclays said China’s economic conditions in August turned out better than the previous month, with all indicators improving.