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Slower growth, credit problems sink China stocks

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decline_6 October 18, 2011 (Chinavestor) China's third quarter GDP grew at 9.1%, the slowest in two years, as demand for its exports fell amid global economic slump. Moody's warned that it may review France's AAA rating in three months, sending European stocks lower on Tuesday. China stocks fell hard in Hong Kong with all but one component of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI) ending the day in the red. The index fell 797.5 points or 4.4%. Mainland China stocks led the decline for their index, the Hang Seng China Enterprises Index (INDEXHANGSENG:.HSCEI) tumbled as much asĀ 5.21%. China Telecom (HKG:0728) was the only component of major indices that advanced for the day. Steel and shipping companies fell the hardest as outlook for construction materials and exports worsened. All but one component of the Xinhua China 25 Index fell boding ill for the most liquid U.S. listed Chinese ETF, the iShares FTSE/Xinhua China 25 Index (NYSE:FXI). The decline was just as universal among small caps as components of the Guggenheim China Small Cap ETF (NYSE:HAO) testify.

Weak GDP numbers sent stocks tumbling in Shanghai as well. The Shanghai Composite Index (SHA:000001) fell 56.39 points or 2.4% for the day. Had it not been for a small advance of index heavy weight Industrial and Commercial Bank of China (SHA:601398), the largest financial institution in the world, the index would have fallen a lot harder. Every sector fell except for financials. Investors hope for an end to monetary tightening amid slower economic growth and falling property prices in the wake of strict lending rules.

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