The news comes after the world’s second largest economy has taken significant steps to boost its economy after its growth rate slowed for two quarters in a row.
"We are seeing clearer signs of economic conditions improving," said Haibin Zhu, chief China economist at JP Morgan in Hong Kong. "The recent shift in policy stance and more concrete policy announcements have been key reasons behind the recovery in the sector.”
In response to fears of a slowdown, Beijing has been trying to boost domestic consumption in an attempt to rebalance the economy and sustain high levels of growth. Just last month the government suspended value-added tax and turnover tax for small businesses with monthly sales of less than 20,000 yuan ($3,257). It is a decision that is expected to benefit more than six million small companies and boost employment.
Beijing has also said that it will implement measures to simplify customs clearance procedures, cut operational fees and facilitate the exports of small and medium-sized private enterprises.