SHANGHAI: China stocks closed up on Monday after the country’s economy grew faster than expected in the final quarter of 2021 but the growth was still at its weakest pace in one-and-half years, prompting the central bank to unexpectedly cut loan rates.

The blue-chip CSI300 index ended 0.9% higher at 4,767.28, while the Shanghai Composite Index gained 0.6% to 3,541.67 points.

China’s gross domestic product (GDP) expanded 4.0% in the October-December period from a year earlier, and the economy grew 8.1% in 2021, faster than a forecast 8.0%.

Real estate developers gained 1.8%, after China expected the operation of its property market to keep pace with steady growth of investment in the sector this year.