Asian shares sink as China says 1Q growth at 4.8%

By ELAINE KURTENBACH
AP Business Writer

BANGKOK (AP) — Shares are lower in Asia after China reported that its economy expanded at a 4.8% annual pace in the last quarter. Benchmarks fell in Tokyo, Seoul and Shanghai. Hong Kong and Sydney were closed for holidays. China’s growth has fallen well below the official target of 5.5% for 2022. In quarterly terms the economy grew 1.3% compared with 1.4% in the last quarter of 2021. Slowing growth in the world’s second largest economy would have a ripple effect among its trading partners, especially in Asia. Oil prices rose and U.S. futures were lower. Wall Street benchmarks declined last year before closing for the Easter holiday.