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Asian shares higher on China's growth data Asian shares higher on China's growth data
(about 1 hour later)
Asian shares rose on Tuesday after China's economic growth rate for 2014 came in above market expectations. Asian shares mostly rose after China's annual economic growth rate came in above market expectations and on speculation the European Central Bank may launch a major stimulus programme.
China's economy expanded by 7.4% last year, down from 7.7% in 2013 and the weakest growth rate for 24 years. China's economy expanded by 7.4% last year, beating forecasts for 7.2%.
However, the figure beat analysts' forecasts of about 7.2% and shares across the region rose. The figure marks the country's weakest growth rate in 24 years but investors were relieved that China's slowdown was not as severe as thought.
The Shanghai Composite was up 1.1% after closing down 7.7% on Monday due to a crackdown on margin trading, where investors borrow cash to buy shares. The Shanghai Composite index rallied by 1.8% to close at 3,173.05.
In Hong Kong, the benchmark Hang Seng index was up 0.5% at 23,859.88. In Hong Kong, the benchmark Hang Seng index closed 0.9% higher at 23,951.16.
"With growth moderating in China, the next phase of the country's economic prosperity is being mapped out through fiscal regulation and sustained growth targets," said Evan Lucas, a market strategist at IG.
"Those ideas mean the central government is also looking to moderate rampant speculation, encourage sustained growth for domestic demand and ensure private enterprise becomes more self-sufficient."
Rest of AsiaRest of Asia
In Japan, the benchmark Nikkei 225 finished up 2.1% at 17,366.30, with investors shrugging off a Reuters Tankan survey which showed that confidence at Japanese manufacturers had slid for a second straight month in January. In Japan, the benchmark Nikkei 225 finished up 2.1% at 17,366.30 ahead of the end of the central bank's two-day policy meeting.
Instead the market was encouraged by the better-than-expected growth figure from China, and was also boosted by hopes that the European Central Bank will unveil stimulus measures later this week.
In South Korea, shares closed higher with the benchmark Kospi index rising 0.8% to 1,918.31.In South Korea, shares closed higher with the benchmark Kospi index rising 0.8% to 1,918.31.
However, Australia bucked the upward trend with the S&P/ASX 200 closing down 1.47 points at 5,307.67.However, Australia bucked the upward trend with the S&P/ASX 200 closing down 1.47 points at 5,307.67.
The benchmark index had fallen further in early trade as energy stocks were hit by falling oil prices. The benchmark index had fallen even further in early trade as energy stocks were hit by falling oil prices.