Compared with the NBS survey, the HSBC report gives more weight to small businesses.

After a shaky start this year, Chinese policymakers have pinned hopes on quickening fiscal spending and selective easing of monetary policies to support faltering growth.

The government has put more focus on optimizing credit structure by guiding more credit flow into the agriculture sector and small businesses against the backdrop of prudent monetary policy.

Helped in part by these efforts, China's economic growth showed recovery signs in the second quarter, accelerating to 7.5 percent from the 7.4-percent expansion in the first quarter.

But with the latest data pointing to softening momentum in the economy, analysts said the government will likely to step up its mini-stimulus policies in coming weeks.

Earlier this month, the central bank set aside another 20 billion yuan ($3.24 billion) for a relending plan designed to funnel credit into agriculture.

"Despite some recent disappointing indicators, we expect growth to be stabilized again in coming months as the government steps up its stimulus efforts," said a BofA Merrill Lynch Global Research report.

The Bank maintained its 7.4-percent growth forecast for both the third and fourth quarter.

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