Asian Stocks Are Rallying After China's GDP Data

Life-size horses shaped lanterns and floating gold coins in Singapore. On January 31, people around the world will welcome the Year of the Horse. Suhaimi Abdullah/Getty Images

Markets across Asia strengthened on today’s slightly better than expected economic growth data from China.

Official numbers showed China’s economy growing 7.4% in 2014, slightly beating expectations and reassuring investors that the deceleration in China’s economic growth is not as sharp as some feared.

Stocks have rallied across Asia in response. In Japan, the Nikkei 22 was up 1.48% to 17,265.40, Hong Kong’s Hang Seng stronger by 0.71% and Singapore’s STI firmer by 0.69%.

The ASX recovered ground after heavy losses in early trade and was down 0.1% shortly after 2pm AEDT.

In China, Shanghai was trading up 1.85% following a large fall yesterday of 7.7% after regulators cracked down on brokers and margin trading accounts.

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