HONG KONG, July 19 (Reuters) - China stocks closed flat on Wednesday, while Hong Kong shares dipped, with frail economic data continuing to weigh on sentiment as investors wait for meaningful stimulus as the next catalyst.

** China's blue-chip CSI 300 Index edged down 0.11%, while the Shanghai Composite Index ended flat.

** Hong Kong's Hang Seng Index dropped 0.33%, and Hang Seng China Enterprises Index was slightly down 0.28%.

** Actualized foreign direct investment into China shrank by 2.7% year-on-year to 703.65 billion yuan ($98 billion) in the first half of the year, the commerce ministry said.

** China's fiscal revenue grew 13.3% in the first six months of 2023 from a year earlier, slower than a 14.9% rise in the first five months, finance ministry data showed.

** "With one weak print after another, economic surprises in China have cratered, fueling calls for more than marginal policy stimulus," BofA Securities said in its July Asia Fund Manager survey.

** According to the survey, an overwhelming 81% of participants were looking for monetary easing to kick in. Meanwhile, eight in 10 investors sided with a structural de-rating view for China equities.

** Yet some sell-side analysts are more positive. Hong Kong stocks' valuations are still well below their five-year averages while the outlook for earnings growth in 2023 is good, HSBC analysts said in a note, expecting a turnaround of Hang Seng index in the second half of the year.

** Hang Seng Tech Index fell for a third session in a row, losing 0.4%.

** In mainland A-shares, photovoltaic firms dived 1.4% to lead the declines, while real estate firms jumped 1.6%.

** Separately, China's top diplomat Wang Yi met with veteran U.S. diplomat Henry Kissinger in Beijing on Wednesday, the Chinese foreign ministry said in a statement. (Reporting by Summer Zhen; Editing by Rashmi Aich)