China's economic growth will pick up in the third quarter despite the recent liquidity crunch, and the government's full-year target of 7.5 percent expansion can be achieved, Bank of China Ltd said in a quarterly report on Wednesday.

The GDP growth rate will reach 7.8 percent in the third quarter, with 7.6 percent growth for the second half overall, according to the report.

The first-quarter expansion of the world's second-largest economy moderated to 7.7 percent amid sluggish external demand and soft investment.