Chinese equities rose 1.02 percent Wednesday to close at one-year high after the National Bureau of Statistics (NBS) said the country's economy has bottomed out.

The benchmark Shanghai Composite Index rose 29.6 points, or 1.02 percent, to close at 2,922.3, the highest close since June 18 last year. The Shenzhen Component Index climbed 255.98 points, or 2.3 percent to end at 11,381.64.

Total turnover was 217.8 billion yuan ($31.89 billion), expanding from 210.37 billion yuan the previous trading day.

China's gross domestic product (GDP) growth was expected to be almost 8 percent in the second quarter this year, said an article on the NBS website Tuesday. The country's GDP grew 6.1 percent in the first quarter in 2009.

Statistics showed the decline in China's economy has bottomed out, the article said.

Shares of steel makers gained, boosted by news that a 3-billion-ton iron ore deposit, the largest in Asia, was discovered near Benxi city in northeast China's Liaoning Province.

Baosteel, the country's biggest steel mill, rose 3 percent to 7.2 yuan. Angang Steel Co, the second-largest, surged 7.42 percent to 14.18 yuan. Shares of Hunan Valin Iron and Steel Group climbed 4.52 percent to 7.4 yuan.

Brokerage company shares rose across the board after the Zhejiang Wanma Group, a cable producer, Tuesday won approval to issue 50 million A-shares in an initial public offering scheduled for July 2. This was the second such approval, after Guilin Sanjin Pharmaceutical, since the suspension of new listings in September following a steep drop in the key Shanghai index.

Citic Securities added 1.34 percent to 28.7 yuan. Guoyuan Securities rose 2.09 percent to 18.59 yuan. Haitong Securities gained 1.6 percent to 16.47 yuan.