BEIJING — Several foreign financial institutions have raised their forecasts of China's economic growth for the rest of the year as the country's key economic indicators point to strong recovery amid COVID-19 prevention and control.

Quick containment of the epidemic and effective monetary and fiscal policies have largely contributed to the country's stronger-than-expected rebound and will further boost gross domestic product (GDP), the institutions have said.

Global credit rating agency Moody's raised its growth forecast for the Chinese economy this year to 1.9 percent from 1 percent in a report on China's economic recovery earlier this week, representing the firm's only upward revision of growth of major economies in 2020.

Chinese policymakers have increased the emphasis on reforms in some areas of the economy, facilitating access of foreign firms to the industrial and finance sectors, which if effective would contribute to increasing competition and supporting productivity, Moody's said in a news release.

The ongoing shift toward consumers and the services sectors combined with the continued upgrade of technology and digitalization support a shift toward higher value-added sectors, it said.

China's National Bureau of Statistics (NBS) released a series of indicators on Sept 15, showing improvement in retail sales and industrial output among others.

Retail sales of consumer goods, a main gauge of China's consumption, returned to growth the first time this year, rising 0.5 percent year-on-year in August.

The value-added industrial output increased 5.6 percent year-on-year last month, accelerating from a rise of 4.8 percent registered in July.

If the recovery momentum sustains in September, the country's GDP is expected to see "an evident acceleration" in the third quarter, said Fu Linghui, an NBS spokesperson.

Earlier NBS data showed China's GDP expanded 3.2 percent year-on-year in the second quarter, rebounding from a contraction of 6.8 percent in the first quarter.

The Asian Development Bank expects China's economy to increase 7.7 percent next year in its Asian Development Outlook 2020 Update released this week.

In a research report, analysts from global financial giant Standard Chartered Bank summarized China's measures to enhance financial support for foreign trade companies, facilitate domestic sales of export products, boost demand with new infrastructure and investment in urbanization and support part-time employment growth.

The infrastructure investment, real estate, finance and IT sectors are key growth drivers of China's economy, and there is sufficient room for the country to expand fiscal stimulus in H2 as per the budget, according to the report.