China's stimulus-boosted private sector is on track to lead the economy to a "self-sustained recovery" that could see growth hit 6.6% this year, according to HSBC.

And while that would only match last year's GDP result — the worst performance for the world's second-largest economy in 28 years — it is well above current consensus of about 6.2% for 2019. The Chinese government last month set its GDP growth target for this year at between 6.0% to 6.5%, below last year's of about 6.5%. China is set to announce first quarter economic growth on April 17.

HSBC said that recent economic data, including stronger manufacturing activity, show that "growth has bottomed and will gradually pick up in the coming quarters as the stimulus measures filter through." The British bank said that it sees GDP growth hitting 6.7% by the fourth quarter, which it predicted will push the figure for the full year to 6.6%.