More green shoots of consumption-led growth

For the global economy that is teetering on the brink of its slowest annual growth since the 2008 global financial crisis, China's 7 percent economic growth in the first half of this year can hardly be satisfactory.

Nevertheless, for the world's second-largest economy that is undergoing crucial structural reforms, such a hard-won growth rate is actually more encouraging than might meet the eye.

Latest statistics show that China's GDP reached 29.7 trillion yuan ($4.9 trillion), up 7 percent year-on-year in the first six months of this year.