Economists at China’s central bank predict that the Chinese economy will grow more quickly in the second half of this year thanks to more stable house prices in the domestic market and growing overseas demand for Chinese goods, news agency Reuters reported.

In a report posted on the official website of the People’s Bank of China, the analysts led by chief economist Ma Jun said the Chinese property market “is starting to stabilise”, while the global economy shows further signs of recovery. The report stressed it reflects the view of the economists and not that of the central bank.

The recent monetary easing announced by the Government, including three interest rate cuts since November, will start to take effect in the coming months, the economists said. “We have reasons to expect some modest recovery in sequential growth in the second-half of this year”, they added.

But they lowered their forecast for China’s economic growth in 2015 to 7 percent from the previous 7.1 percent projection. The forecast for this year’s trade growth was also slashed to -4.2 percent from 5.1 percent previously, after disappointing results so far this year.

The Chinese Customs announced this week that China’s total trade value dropped by 8 percent year-on-year in the first five months of 2015.