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"Good PMI data and good earnings performances by listed companies in the first half have contributed to today's share rise," said Hong Hao, chief strategist at BOCOM International Ltd, adding that large-cap shares and upstream resources stocks performed the best.

"Given the sheer size of China's economy, a dip in growth rate is no cause for heightened worries over the stable economic trajectory," Zhang said, adding that doomsayers targeting China's economy should pay more attention to the quality of growth and how the nation stands at the forefront of the new round of technological revolution.

"Governments insist on companies having a presence locally. In addition, you must prove your technical capacity and qualifications, among other requirements, to be considered by utility companies that are largely state-owned. Price is sometimes not the primary issue," Yu says.

"Furthermore, the speed of recovery in economic activities and oil demand growth potential in other Asian countries, including India, remain uncertain."

"Governments should substantially reduce their role in direct resources allocation and channel more energy into macro regulation, public services, market supervision, social management, and environmental protection," said Yang Weimin, deputy head of the Office of the Central Commission for Financial and Economic Affairs.