China's stocks fell on Tuesday, dragging the benchmark index down by its biggest daily loss in three weeks, over concerns of a slowdown in the world's second-largest economy.
The benchmark Shanghai Composite Index dropped 1.68 percent, or 39.23 points, to close at 2,291.90. The Shenzhen Component Index tumbled 1.93 percent, or 181.93 points, to finish at 9,266.71.
Most shares fell on the two bourses and trading was thin. Losers outnumbered gainers by 838 to 93 in Shanghai and by 1,231 to 154 in Shenzhen.
Aggregated turnover shrank to 109.7 billion yuan ($17.39 billion) from 128.85 billion yuan on the previous trading day.
China's industrial output growth is likely to slow to 11 percent this year from 13.9 percent in 2011, Zhu Hongren, chief engineer of the Ministry of Industry and Information Technology, said at a Tuesday press conference.
The statement sparked new concerns that economic growth will slow this year and erode enterprises' earnings.
On Monday, the International Monetary Fund (IMF) cut its forecast for China's GDP growth this year to 8.25 percent from the 9 percent projected in September 2011. The country's economic growth could be cut by nearly half if the eurozone debt crisis worsens, the IMF said in a report released by its Beijing office.
The Industrial and Commercial Bank of China, the world's largest bank by market value, shed 1.81 percent to hit 4.33 yuan per share. China Vanke, the country's largest real estate developer, gave up 3.15 percent to close at 7.38 yuan. Inner Mongolia Baotou Steel Rare-earth Hi-tech Co., Ltd., the country's top producer of rare earth metals, slid 2.32 percent to reach 44.55 yuan.
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