JPMorgan and Nomura Securities raised their annual growth forecast to 6.8 percent from 6.7 percent, while Citigroup and Standard Chartered Bank revised their 2017 projection for China upward by 0.2 percentage points to 6.8 percent.

The expanding consumption and services industries as well as increasing private investment in China will boost growth despite slowing investment in infrastructure and real estate in the second half of the year, on top of a financial deleveraging, said JPMorgan.

The Asian Development Bank (ADB) revised China's growth up to 6.7 percent this year and 6.4 percent next year, from 6.5 percent and 6.2 percent, respectively, in its latest Outlook supplement.

The ADB said increases in both domestic consumption and foreign trade helped promote China's economic outlook, which came as a result of a steady rise in both personal income and public spending.

Acknowledging China's slower economic growth with reformed structure under the new normal, these institutions showed less concern about the country's economic hard landing and financial risks compared to last year, and China is expected to continue stabilizing.

"What happens in China doesn't stay in China," said Maurice Obstfeld, IMF chief economist. "Strong Chinese growth drives growth particularly in Asia but also throughout the world."

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