A recent pickup in new loans and total social financing suggests government efforts to support investment demand are having an impact, according to Barclays Research.

China's new lending posted stronger-than-expected growth in September, expanding 154.7 billion yuan ($25.1 billion) from August to reach 857.2 billion yuan ($138.7 billion), according to the central bank on Thursday.

The improved data were also consistent with a rebound seen in import growth earlier in the week, Barclays said in its latest research note.

The London-based bank forecast the growth rate of the world's second-largest economy would slow further in the third quarter before picking up momentum in the fourth quarter.

"Targeted monetary easing, support measures for the property market and back-loaded investment projects" are expected to result in a 7.6-percent growth rate for the fourth quarter.

In the first half of 2014, China's economy expanded 7.4 percent from a year earlier. The country is scheduled to release its third-quarter economic data on October 21.

(Xinhua News Agency October 19, 2014)