Stock exchanges in Shanghai and Hong Kong strengthened after the report on the strong growth of the Chinese economy

Stock exchanges in Shanghai and Hong Kong strengthened after the report on the strong growth of the Chinese economy

Stock exchanges in Asia fell mostly on Monday. However, the stock indices in Shanghai and Hong Kong strengthened after the report on the unexpectedly strong growth of the Chinese economy. According to the Chinese statistical office, the country's gross domestic product increased by 2.3 percent last year. In the last three months of 2020, the economy accelerated quarter-on-quarter growth to 6.5 percent from 4.9 percent in the previous quarter. This helps allay concerns about the impact of the coronavirus pandemic on global growth. In the first quarter of last year, the world's second largest economy fell by 6.8 percent due to strict anti-pandemic measures. The Hong Kong Hang Seng index strengthened by 0.8% to 28,810.65 points and the composite Shanghai index also by 0.8% to 3,596.22 points.