Stock markets in China have had a reasonably good performance in recent weeks thanks to somewhat positive economic data that suggests a change from the slowdown in growth that has characterized the economy over the last three-and-a-half years.

New numbers on industrial production and services suggest China's economy may be entering a phase of moderate but steady growth after slowing down during 12 of the last 14 quarters.

"There seems to have been a turnaround in economic activity since the financial volatility in June," says Alaistair Chan, an economist at Moody's Analytics. "The July data were quite strong and we expect that the momentum carried into August."