China shares fall after GDP data, Hong Kong market steady
* CSI300 -0.9 pct; SSEC -1.1 pct; HSI -0.1 pct
* China's small caps see sharp correction on valuation concerns
* Hong Kong stocks supported by signs of fresh money inflows
By Samuel Shen and Pete Sweeney
SHANGHAI, April 15 (Reuters) - Chinese stocks retreated by midday on Wednesday led by a correction in expensive small-cap stocks, after China reported economic growth slowed to a six-year low.
But shares in Hong Kong held firm on signs Chinese mutual fund managers were raising billions of dollars in their quest for bargains in the city.
China's economy grew 7 percent in the January-March quarter from a year earlier - the worst showing since the depths of the global financial crisis, data showed, highlighting the need for further monetary easing.
"Without further easing, many businesses in traditional industries will die," said Qi Yifeng, analyst at consultancy CEBM Group Ltd in Shanghai.
"But investors are getting less and less excited about easing because such expectation has been fully priced into the stock market." Continuación...