Asia stocks finish mixed after China data deluge

Asian stocks ended a choppy session mixed on Wednesday despite better-than-expected growth data from China.

The world's second largest economy grew 7.5 percent in the second quarter, above estimates for a 7.4 percent increase. Meanwhile, other data showed June industrial output rising a stronger-than-expected 9.2 percent on year and June retail sales increasing an annual 9 percent, in line with expectations.

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"Overall, I think we're seeing the data bottoming out in the second-quarter and we think activity and growth will pick up in the second half of the year and China will be on track to meet the 7.5 percent growth target," said John Zhu, greater China economist at HSBC.

Sentiment in Asia was shaky following Federal Reserve Chair Janet Yellen's semi-annual testimony before the Senate Banking Committee on Tuesday. Yellen expressed concerns about stretched valuations in equity markets, including the social media and biotech sector, which saw U.S. markets finish mostly lower overnight.

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CNBC 100

China shares mixed

Mainland stocks snapped a three-day winning streak, erasing gains after hitting 2,075 points earlier in the session, their highest level in a month.

Real-estate developers were mixed after data from the National Bureau of Statistics showed property investment in the first half of the year rose an annual 14 percent. Poly Real Estate rose 2.7 percent but Vanke and Gemdale ended nearly 2 percent lower.

Hong Kong's benchmark Hang Seng Index rose 0.2 percent but pared gains after touching a one-and-a-half-week high of 26,562 points.

Nikkei 0.1% lower

Japanese shares broke two sessions of gains after trading nearly flat for most of the session. Investors were likely booking profits on the benchmark Nikkei's recent one-and-a-half-week highs.

Yahoo Japan finished 0.4 percent lower following a 2 percent slide earlier after the U.S. company's profit of 37 cents a share missed expectations on Tuesday.

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ASX 0.1% higher

Solid gains amid miners helped Australia's benchmark index end just above the flatline.

Rio Tinto jumped over 1 percent after announcing a 23 percent annual rise in second-quarter iron ore shipments. Fortescue Metals rallied over 6 percent after forecasting a sharp rise in iron ore shipments in the year through 2015.

Meanwhile, the Australian dollar fell to a one-month low at $0.9327 against the greenback.

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Kospi flat

South Korean shares finished at a two-week high. Blue-chips underpinned gains with Hyundai Motor more than 2 percent higher and Kia Motors up 1 percent.

Emerging markets higher

Indian shares added 1.4 percent while Indonesia's benchmark Jakarta Composite rallied 0.8 percent on hopes of a presidential victory by Jakarta governor Joko Widodo.

Markets in the Philippines were closed due to Typhoon Rammasun.