IMF Boosts China’s Economic Forecast Amid Mixed Stock Performance

China stocks saw a slight increase as the IMF upgraded its economic growth forecast for the country to 5% for the year, citing a strong first-quarter performance. However, tech shares in Hong Kong fell, with significant declines from e-commerce giants Alibaba and Meituan. Regional stock indexes showed mixed results.

China stocks edged up on Wednesday, as 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 3.7% and 4.2%, respectively. ** At the midday break, the Shanghai Composite index was up 0.33% at 3,119.89 points. ** China's blue-chip CSI300 index was up 0.38%, with its financial sector sub-index higher by 0.03%, the consumer staples sector up 0.37%, the real estate index up 0.6% and the healthcare sub-index up 0.1%. ** Chinese H-shares listed in Hong Kong fell 1.56% to 6,581.59, while the Hang Seng Index was down 1.54% at 18,531.29. ** The smaller Shenzhen index was up 0.57%, the start-up board ChiNext Composite index was higher by 0.67% and Shanghai's tech-focused STAR50 index was up 0.49%​. ** Around the region, MSCI's Asia ex-Japan stock index was weaker by 1.20% while Japan's Nikkei index was down 0.43%. ** The yuan was quoted at 7.2484 per U.S. dollar, 0.06% weaker than the previous close of 7.2441. ** The largest percentage gainers in the main Shanghai Composite index were Trina Solar Co Ltd, up 10.23%, followed by Zhejiang Dongwang Times Technology Co Ltd, gaining 10.1%, and Shanghai Tianchen Co Ltd, up by 10.06%. ** The three biggest H-shares percentage decliners were Meituan , which has fallen 4.2%, JD Health International Inc , which has lost 4.17%, and Li Ning Co Ltd, down by 4.1%.

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