* CSI300 -0.2 pct; SSEC -0.3 pct; HSI -0.2 pct
* China Q1 GDP growth meet expectations; Other indicators strong
* Beijing monetary policies could turn to neutral - analyst
SHANGHAI, April 15 (Reuters) - China and Hong Kong stocks dipped on Friday morning as gross domestic product data released by China met forecasts, and investors took profits at the end of a bullish week.
China's economy grew at 6.7 percent in the first quarter, the slowest since 2009, while showing signs of a nascent recovery in March.
Easing from three-month highs hit on Thursday, China's blue-chip CSI300 index fell 0.2 percent by the lunch break, while the Shanghai Composite Index lost 0.3 percent, to 3,074.26 points.
Hong Kong stocks also took a breather after a seven-day winning streak. The Hang Seng index dipped 0.2 percent while the Hong Kong China Enterprises Index lost 0.3 percent.
Analysts said the signs of recovery in China's economy raised potential risks of inflation that could prompt Beijing to tighten monetary policies slightly.
"Previously, the government adopted relatively loose monetary policies, but now the policies could become neutral as concerns of rising inflation could limit the room for further easing," Yang Weixiao, economist at Founder Securities.
Yang also said that although the improving economic trends could be sustained for a while, downward pressure was likely to resurface toward the end of the third quarter.
Banking was the only main sector in China that rose on Friday morning, while in Hong Kong, most sectors also posted losses.
The premium that shares on Chinese markets command over their Hong Kong counterparts shrank to a five-month low on Thursday, as foreign investors stepped up bargain hunting in Hong Kong, betting that China's economy is stabilizing. The index tracking the premium rose slightly on Friday morning.
Reporting by Samuel Shen and Pete Sweeney; Editing by Simon Cameron-Moore