China's highly anticipated second quarter gross domestic product (GDP) data allayed some fears over a sharp growth deceleration in the world's second largest economy, yet cheer was limited in Asian markets on Monday.
While the Shanghai Composite rose 1.5 percent, making it the standout outperformer, Australia's S&P/ASX 200 and Hong Kong's Hang Seng Index reacted with caution, rising just 0.2 percent and 0.4 percent, respectively. The MSCI Asia Pacific ex-Japan, meantime, traded up 0.2 percent.
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The Australian dollar, seen as a proxy for Chinese growth, rose to as high as $0.9109, but pared back gains to trade around $0.9092 in the afternoon trading session.
"The data will do little to alleviate concerns that the Chinese economic outlook is vulnerable," Greg Gibbs senior FX strategist at RBS wrote in a note following the data.
"The rise in second quarter growth from the first quarter is very small and on this trajectory, annual growth may get to 7 percent, but would struggle to get to 7.5 percent, unless there is a surprising rebound in the third quarter," Gibbs said.
China's economy grew an annual 7.5 percent in the second quarter of the year, in line with market expectations, but down from 7.7 percent in the first three months of the year. On a quarter on quarter basis growth was much slower at 1.7 percent, against a Reuters forecast of 1.8 percent.
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Other data released alongside the GDP numbers showed June industrial output rose 8.9 percent from a year earlier, below expectations for a 9.1 percent increase. June retail sales, however, rose 13.3 percent from a year earlier, versus expectations for a 12.9 percent rise.