More than two-thirds of respondents, mostly senior company executives, expressed confidence in China's economy despite the recent economic moderation in the country, a CPA Australia survey showed Thursday.

The accounting organization interviewed 340 members in China and found that 67.1 percent were upbeat on China's economy. Besides, 65.3 percent predicted China's growth rate will reach between 7 and 10 percent this year, while the government target is 8 percent.

"These are the people making the decisions and advising major corporations and industries that drive China's economy," said Richard Petty, president of CPA Australia who was in Shanghai yesterday to release the survey.

"They are the first to see when momentum increases and see where it is happening, so their increased confidence augurs well for the broader economy," he added.

The survey showed less than 3 percent of respondents felt that a double-dip recession in the United States and the European Union would have a significant impact on China's economy, though the economic growth in the country has slowed due to the combined effect of external uncertainties, tightening credit, efforts to revamp the economic structure, fight against pollution and the severe natural disasters in recent months.

China's gross domestic product expanded 10.3 percent from a year earlier in the second quarter, down from the surge of 11.9 percent in the first three months. Key economic indicators, including industrial production, fixed-assets investment and retail sales, all weakened last month, latest statistics show.

"Although China's pace of growth has been slower these days, it remains a best performer around the world," Petty said. "We have every reason to believe China's economy will be exceedingly good in the foreseeable future, based on a solid and stronger domestic demand."

Petty said the global economy will continue to be volatile even though a recovery is under way, and China will be a "shining light" among all.

The survey also found 45 percent of senior executives think the widening wealth gap is the biggest challenge for Chinese policymakers, followed by too much dependence on government stimulus. But 47.6 percent said the measures to boost domestic consumption have effectively helped speed up economic growth.