Last week, China's premier Li Keqiang acknowledged that there were "difficulties and risks," as rising debt and ongoing pollution problems cloud China's economic outlook. Both Hong Kong's Hang Sen and the Shanghai Composite index declined slightly after the data was released, before recovering.
Separately, a long-awaited tax increase took effect in Japan on Tuesday. It is the country's first tax increase since 1997. The move, which will see sales tax rise from 5% to 8%, is intended to combat the country's rising debt as its population ages.
Prime Minister Shinzo Abe has said the move is necessary, even though many analysts have warned it could lead to a slowdown in the world's third-largest economy.
reporter
Park Sae-jin
swatchsjp@ajunews.com