Fears of a further decline eased by figures about industry, export

China's upbeat economic data in July eased fears the economy might further dip, and lays the ground for Premier Li Keqiang to focus on revamping the model that is considered to be crucial to China's sustained growth, analysts said.

The slew of economic data beat expectations. Industrial output for companies with an annual revenue of 20 million yuan ($3.2 million) or more saw a 9.7 percent year-on-year growth in July, up from June's 8.9 percent growth. It was the highest increase since March. Exports rose 5.1 percent in July from a year earlier, while imports were up 10.9 percent, ending the decreases in June for both figures.