The GDP data for the first half of the year prove that China's growth is not as bad as some people previously feared. But as the country presses ahead with its industrial restructuring, there could be hard times ahead.

Year-on-year GDP growth eased to 7.5 percent in the second quarter, with the overall first-half growth 7.6 percent, according to the National Bureau of Statistics.

Given the grim foreign trade situation and manufacturing activity index for June, such figures will have reassured market watchers that growth remains resilient considering the ongoing restructuring of the economy. Growth in industrial output, fixed-asset investment and retail sales has remained healthy, which will alleviate fears of a hard landing.