China, Hong Kong stocks climb on Fed's dovish stance

* SSEC 0.6%, CSI300 0.7%, HSI 1.5%

* HK->Shanghai Connect daily quota used 5.3%, Shanghai->HK daily quota used 4.6%

* FTSE China A50 +0.6%

SHANGHAI, March 18 (Reuters) - China and Hong Kong stocks rose on Thursday, in line with broader gains in other Asian markets, after the U.S. Federal Reserve pledged to maintain accommodative monetary policy and projected a rapid jump in U.S. economic growth this year.

** The CSI300 index rose 0.7% to 5,136.11 by the end of the morning session, while the Shanghai Composite Index gained 0.6%, to 3,464.33 points.

** The U.S. economy is heading for its strongest growth in nearly 40 years, the Federal Reserve said on Wednesday, and central bank policymakers are pledging to keep their foot on the gas despite an expected surge of inflation.

** Liquidity tightening is almost certain to happen as the economy recovers, leading to an inescapable correction in equities, Guosen Securities noted in a report, referring to a recent sharp falls in the A-share market.

** But it’s still too early to call an end to the bull run, the brokerage added.

** In Hong Kong, the Hang Seng index added 1.5%, to 29,472.50 points, while the Hong Kong China Enterprises Index gained 1.3% to 11,508.22.

** Leading the gains, the Hang Seng tech index and the Hang Seng industrials index climbed 2.1% and 1.9%, respectively.

** Though analysts said there were still headwind going ahead, including a further rise in U.S. treasury yields and slower southbound flows.

** “Hong Kong stocks will remain rangebound for the time being, given the recent correction in the A-share market that helped slowed down the pace of southbound flows via the Stock Connect linking mainland and the island city,” said Linus Yip, chief strategist at First Shanghai Group.

** “Some mainland mutual funds, which invest both in the onshore market and Hong Kong, could need to sell Hong Kong stocks to deal with redemptions following recent declines in the onshore market,” he added. (Reporting by Luoyan Liu and Andrew Galbraith; Editing by Rashmi Aich)