China’s economy grew slightly better than economists had expected, with Hong Kong markets reacting positively immediately after the results.
China’s gross domestic product grew 7.4% in the first quarter, down from 7.7% in the previous quarter, China’s National Bureau of Statistics said Wednesday. However, the gain was higher than the 7.3% increase forecast by economists from two seperate polls by The Wall Street Journal and Reuters.
The economy rose 1.4% from the previous quarter, the statistical bureau said.
Among other data, China’s industrial output gained 8.8% in March versus a year earlier, up from 8.6% in the January-to-February period. Retail sales growth also accelerated to 12.2% in March, compared to 11.8% for the January-to-February period.
Hong Kong’s benchmark Hang Seng Index is rising 0.5%, up from the opening gain of 0.1%. However, the Shanghai Composite is edging down 0.2%.
The Australian dollar, which is often sensitive to economic news from China — Australia’s top trading partner, strengthened after the data and reversed earlier losses. The currency is trading at 93.57 U.S. cents, slightly higher than 93.56 U.S. cents from the prior session.
China’s gross domestic product grew 7.4% in the first quarter, down from 7.7% in the previous quarter, China’s National Bureau of Statistics said Wednesday. However, the gain was higher than the 7.3% increase forecast by economists from two seperate polls by The Wall Street Journal and Reuters.
The economy rose 1.4% from the previous quarter, the statistical bureau said.
Among other data, China’s industrial output gained 8.8% in March versus a year earlier, up from 8.6% in the January-to-February period. Retail sales growth also accelerated to 12.2% in March, compared to 11.8% for the January-to-February period.
Hong Kong’s benchmark Hang Seng Index is rising 0.5%, up from the opening gain of 0.1%. However, the Shanghai Composite is edging down 0.2%.
The Australian dollar, which is often sensitive to economic news from China — Australia’s top trading partner, strengthened after the data and reversed earlier losses. The currency is trading at 93.57 U.S. cents, slightly higher than 93.56 U.S. cents from the prior session.