China upbeat on GDP data

China and Hong Kong shares climbed on Monday, as investors cheered better-than-expected gross domestic product data (GDP) pointing to a solid recovery in the world’s second-largest economy.

China’s economy picked up speed in the fourth quarter, with growth beating expectations as it ended a rough coronavirus-hit 2020 in remarkably good shape and remained poised to expand further this year even as the pandemic raged unabated.

The world’s second-largest economy has surprised many with the speed of its recovery from last year’s coronavirus jolt, especially as policymakers have also had to navigate tense U.S.-China relations on trade and other fronts.

There was muted reaction to news that the Trump administration notified Huawei suppliers, including chipmaker Intel, that it is revoking certain licenses to sell to the Chinese company and intends to reject dozens of other applications to supply the telecommunications firm.

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