Hong Kong stocks rose 1.13 percent at the open on Wednesday, after Premier Li Qiang announced a target GDP growth of "around 5 percent" for 2025 and pledged to make domestic demand the "main engine" of its economic growth.

The Hang Seng Index was up 258 points at 23,200 at the open.

The GDP growth target was announced on Wednesday in a report being presented by Premier Li at the opening session of the National People's Congress.

Earlier, stocks racked up more losses on Wall Street on Tuesday, as a trade war between the US and its key trading partners escalated.

The Trump administration imposed tariffs on imports from Canada and Mexico starting on Tuesday and doubled tariffs against imports from China. All three countries have announced retaliatory actions, sparking worries about a slowdown in the global economy. (Agencies)