Asian equity markets ended mostly higher on Wednesday as traders welcomed a better than expected growth report from the world's second biggest economy.
China's economy grew an annual 7.4 percent in the first quarter of this year, above analyst expectations for a 7.3 percent increase, but still slower than the 7.7 percent reading in the final quarter of 2013.
"Chinese growth remains on track to come in around 7.5 percent this year. This should be positive for the Chinese share market, which with a forward PE of 8.5 times is priced for a hard landing and a credit crisis," said Shane Oliver, head of investment strategy and chief economist at AMP Capital.
Other China data out on Wednesday showed March retail sales grew an annual 12.2 percent, a touch below estimates, while industrial output rose an annual 8.8 percent, below expectations for a 9 percent rise. Meanwhile, fixed asset investment for the first three months of the year rose 17.6 percent on year, missing estimates.