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Slower Chinese growth hurts stocks

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factory_3 March 5, 2012 (Chinavestor) News that China cut its growth target to 7.5% amid a European recession sent China stocks lower on Monday. The Hang Seng Index (INDEXHANGSENG:.HSI) fell 296.9 points or 1.4% while the China Enterprises Index (INDEXHANGSENG:.HSCEI), measuring the performance of mainland Chinese companies listed in Hong Kong, fell 2.3%. Each and every component of the Xinhua 25 China index fell for the day, boding ill for the iShares FTSE/Xinhua China 25 Index (NYSE:FXI), the most liquid Chinese ETF.

Stock fell in Shanghai as well, the Shanghai Composite Index (SHA:000001) gave back 15.7 points or 0.6% after a stellar 8 weeks rise earlier the year. Chinese insurer fell hard on market outlook. China Life Insurance (SHA:601628) and Ping An Insurance (SHA:601318) fell the most among the 50 largest components of the broad Shanghai Composite Index (SHA:000001).

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