China maintains growth rate but stocks slump

China's economy grew 7 percent in the second quarter from a year earlier, the National Bureau of Statistics reported on Wednesday, the same rate as in the first quarter.

The news failed to boost the stock market though. The Shanghai Composite Index fell 3.0 percent, declining for the second consecutive day.

Analysts remain optimistic on the Chinese stock market though. About 60 percent of analysts surveyed at 19 Chinese brokerages and asset management companies expect A shares to gain in the third quarter, the Shanghai Securities News reported.