Economics
China’s Stocks Fall to Lowest Since 2009 on Slowdown Concerns
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China’s stocks fell, dragging the benchmark index down to the lowest level since March 2009, after a central bank adviser said economic growth will slow this quarter and as Europe’s crisis worsened the outlook for exports.
Jiangxi Copper Co. and China Shenhua Energy Co. led a decline among commodity producers on concern weaker growth will sap demand for raw materials. China Pacific Insurance (Group) Co., the nation’s fourth-largest insurer, dropped 2.2 percent after funds controlled by Carlyle Group LP offered to sell its Hong Kong-listed shares. Weichai Power Co., a maker of high-speed heavy-duty diesel engines, slumped the most since November 2010 after estimating a drop in second-quarter profit.