Asian Stocks Trade Lower despite China’s GDP Beating Expectations

Stocks in Asian markets traded mostly lower in the morning session on Tuesday even with China reporting a better-than-expected economic growth for 2022.

As of 9:37 BKK time on Tuesday, Nikkei jumped 1.24%, SSEC fell 0.21%, Hang Seng Index dropped 0.80%, ASX 200 decreased 0.12% and Kospi dipped 0.31%.

China reported a better-than-expected economic growth in 2022 at 3%, topping the forecast of 2.8% growth by Reuters poll and 2.7% growth by the World Bank. Still, the figure was lower than the 5.5% growth that the Chinese government projected in early 2022 due to the Covid-19 outbreak and strict measures to control the spread that hampered its output. 

China recorded an 8.4% growth in 2021 and 2.2% growth in 2020, being the first to come out of Covid slump. 

Meanwhile, the fourth-quarter GDP rose by 2.9%, which was also higher than Reuters’ poll of 1.8% growth.