BEIJING - China's economy demonstrated more balanced expansion in June, with solid underlying growth momentum, media reports said.

Confidence among small and medium-sized enterprises (SMEs) remained at the second-highest level since the outbreak of COVID-19, Bloomberg reported on Sunday, citing a survey of more than 500 companies by Standard Chartered Plc.

Domestically focused SMEs outperformed export-oriented SMEs for the first time in June since the second half of 2020, said the report.

China's economy is still expected to grow 8.5 percent this year, the fastest pace in a decade, it said.

Fitch Ratings on Monday affirmed China's ratings at "A+" with a stable outlook, saying China's economy has entered a mature stage in its COVID-19 pandemic recovery, according to Reuters on Monday.