SHANGHAI, March 8 (Reuters) - China stocks struggled for direction on Friday as investors remained unconvinced by authorities' growth target and stimulus plan this year, while Hong Kong shares tracked global peers higher on expectations of rate cuts by global central banks.

** China's blue-chip CSI300 Index slipped 0.1% and the Shanghai Composite Index gained 0.1% by the midday break.

** Hong Kong's benchmark Hang Seng added 1.2%, and the Hang Seng China Enterprises Index climbed 1.3%.

** The broad Asian stock market rose to a seven-month peak, tracking global peers as investors cheered the prospect of an imminent rate easing cycle, led by major central banks.

** China's 5% economic growth target for 2024, announced this week, is ambitious and can be achieved if backed by further stimulus measures in monetary, fiscal and regulatory policy, analysts said.

** "Market likely to remain volatile as NPC (National People's Congress) fiscal package is insufficient to break the deflation concern and corporate earnings remain challenged," Morgan Stanley analysts said in a note.

** The bank also cautioned against premature excitement over the securities regulator's comments, as the biggest hurdle for the equity market to recover meaningfully remains on the macro and economic policy fronts.

** Wu Qing, head of China's securities regulator, vowed to protect small investors by cracking down on market misbehaviour and improving the quality of listed companies.

** Data on Thursday showed China's export and import growth in the January-February period beat forecasts, though that did little to turn around battered sentiment.

** Shares in communications equipment jumped 2.9% to lead the gains, while semiconductors and photovoltaics both climbed more than 1.5%. Tourism companies lost 1.7%.

** Three U.S. Senate Democrats from auto manufacturing states urged the Biden administration to hike import tariffs on Chinese electric vehicles to address national security risks.

** New energy vehicles shares fell 0.5%.

** Tech giants listed in Hong Kong rose 1.3%.

(Reporting by Shanghai Newsroom; Editing by Sonia Cheema)