ALMOST $15 billion has been stripped from Australian companies after the worst single day loss in a month.

Australian stocks were whacked after the nation's biggest trading partner China revealed its economic resurgence had stalled.

The benchmark ASX200 was down 0.9 per cent, or 45.6 points, to close at 4967.9. The broader All Ordinaries index was 49.2 points, or 0.98 per cent, weaker at 4,966.8

Resource companies that rely on Chinese sales were hit hard.

BHP was down 3.12 per cent, or $1.04, to finish at $32.31 and Rio backpedalled 3.18 per cent, or $1.81, to close at $55.09.

New Chinese data released at midday showed the annual rate of growth rose by just 7.7 per cent in the first three months of the year.

This was well below consensus expectations of economists who had tipped a result as high as 8.1 per cent.

TD Securities Head of Asia-Pacific Research Annette Beacher said the slower Chinese growth would not force the Reserve Bank of Australia's hand to cut rates locally.

"Taking a step back, today's 'lower' growth outcomes are entirely consistent with the new administration's preference for more sustainable growth," Ms Beacher said.

"Steady Chinese growth is already on the RBA's radar and is not new news."

CommSec chief economist Craig James said investors had over-reacted to the latest Chinese economic data.

"While the figures under-shot expectations, the economy is continuing to record firm growth," Mr James said.

He said the data also showed Chinese consumers were still spending.

"The mix of growth is also favourable as consumer spending provided the bulk of growth in the March quarter, ahead of investment spending and international trade."

Mr James said if additional stimulus was needed the Chinese government was well placed to "wade in" with additional cash injections for their economy.

"Certainly latest inflation data doesn't act as a barrier to providing additional stimulus."

"The good news is that the latest readings will silence those calling for Chinese authorities to slow down the pace of recovery."

It is a blow for the biggest consumer of Australian exports, with the Chinese economy at the end of last year setting a pace of 7.9 per cent growth.