Markets know very well that any optimism from China in Q1 has a lot to do with the rebound in activity, after Covid-19 restrictions were lifted in December last year. While the data was still encouraging, it remains to be seen if this kind of pace can be kept up especially with plenty of global headwinds still persisting.
I reckon that probably explains the fairly muted and tentative reaction to the data, with nothing notable in equities and the bond market as well. In FX, only the aussie is mildly higher but there was also a slight nudge after the RBA minutes here beforehand.
