Between April and June, gross domestic product expanded by an annual 7.9 per cent, meaning the country is likely to hit its target of eight per cent annual growth.

GDP growth was 6.1 per cent in the first quarter, but has been bolstered by a government stimulus package amounting to four trillion yuan (£365bn), which has increased bank lending and boosted share prices.

At a press conference in Beijing today, Li Xiaochao – spokesman with the National Bureau of Statistics – said the economy had stabilised with “increasing positive changes” and the stimulus package had had positive results.

But he warned of challenges ahead, unstable recovery momentum and of an economic structure which is still unbalanced.