(Yicai Global) Oct. 20 -- China's mainland stock markets moved higher this afternoon as investors got hungry for growth stocks amid the country's unparalleled recovery from the effects of the Covid-19 pandemic.

The Star 50 Index, which follows tech stocks on Shanghai’s Star Market Board 50 Index, climbed 0.99 percent to 1,426.18. The ChiNext Price Index, which tracks growth enterprises listed in Shenzhen, gained 1.89 percent to 2,740.58.

The Shanghai Composite Index closed 0.47 percent up at 3,328.10. The Shenzhen Component Index stood at 13,603.88, up 1.36 percent.

China has become the world’s first major economy to recover from the impacts of the coronavirus pandemic as its gross domestic product rose 4.9 percent in the three months ended September from a year earlier, according to the official data released yesterday.

However, a group of 22 chief economists surveyed by Yicai Global had predicted the figure to be even higher at 5.26 percent.

Editor: Emmi Laine