China Stocks Edge Higher Amidst IMF Growth Upgrade

China's stocks closed slightly up on Wednesday following the IMF's upgraded economic growth forecasts. The IMF predicts a 5% growth for China's economy this year, spurred by a strong first quarter. Tech shares, however, dragged down Hong Kong's key indexes, with Alibaba and Meituan declining significantly.

China stocks ended slightly higher on Wednesday, after the International Monetary Fund (IMF) upgraded its economic growth forecasts for the Asian giant.

China's economy is set to grow 5% this year, after a "strong" first quarter, the IMF said on Wednesday, raising its earlier forecast of 4.6% expansion. Tech shares dragged Hong Kong's key indexes lower, with e-commerce giants Alibaba and Meituan down 3.5% and 5.3%, respectively. ** At the close, the Shanghai Composite index was up 0.05% at 3,111.02. ** The blue-chip CSI300 index was up 0.12%, with its financial sector sub-index lower by 0.49%, the consumer staples sector up 0.15%, the real estate index up 0.66% and the healthcare sub-index down 0.21%. ** The smaller Shenzhen index ended up 0.3% and the start-up board ChiNext Composite index was higher by 0.267%. ** Around the region, MSCI's Asia ex-Japan stock index was weaker by 1.48%, while Japan's Nikkei index closed down 0.77%. ** At 08:12, the yuan was quoted at 7.2487 per U.S. dollar, 0.06% weaker than the previous close of 7.2441. ** At the close of trade, the Hang Seng index was down 344.15 points or 1.83% at 18,477.01. The Hang Seng China Enterprises index fell 1.92% to 6,557.48. ** The sub-index of the Hang Seng tracking energy shares rose 0.9%, while the IT sector dipped 2.89%, the financial sector ended 1.78% lower and the property sector dipped 1.05%. ** The top gainer on the Hang Seng was BYD Co Ltd, which gained 5.32%, while the biggest loser was JD Health International Inc, which fell 5.38%.