Meanwhile, in the euro zone, gross domestic product data pointed to slightly lower-than-expected figures, but still confirms a ninth consecutive quarter of expansion, with private consumption holding up fairly well according to analysts.
Low energy prices and a weaker euro has aided euro zone exporters, fueling growth. As a net importer of oil, Europe is enjoying the knock down prices of crude which has in turn been converted into consumer spending power.
Senior European Economist at Societe Generale, Anatoli Annenkov said the China weakness seen so far over the summer has come as a bit of surprise, and suggests global demand is perhaps weaker than previously thought, but for Europeans, cheap oil is definitely a bonus.
"We are still treating the oil story as a supply issue mainly. But from the European perspective, the recovery we are having in Europe is more domestic demand-led, rather than export-led. So, in that sense, weak oil prices actually benefits consumer and that has been the story for the year," Annekov told CNBC.
"It leads to lower inflation, lower inflation is bad for the ECB, but it is very useful for real disposable incomes which have risen quite strongly, so we actually believe in a consumption led recovery," he added.