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China stocks slide more than 1.7 pct Monday on gloomy economic outlook

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BEIJING, Sept. 19 (Xinhua) -- China's stocks widened their losses and fell across the board on Monday over concerns that the economy may slow further in the coming months of this year and in 2012.

The benchmark Shanghai Composite Index dropped 1.79 percent, or 44.55 points, to end at 2,437.8. The Shenzhen Component Index tumbled 2.03percent, or 220.6 points, to finish at 10,657.63.

Investors were unnerved by remarks by Wu Xiaoling, former vice governor of China's central bank, saying it is more likely for China's economy to further slow in 2012.

Investors were also discouraged from buying amid a gloomy global outlook after the European Union finance ministers failed over the weekend to achieve a breakthrough on key measures to tackle Europe's growing financial crisis.

Combined turnover on the two exchanges further shrank to 92 billion yuan (14.41 billion U.S. dollars) from Friday's 95.97 billion yuan as liquidity is tight ahead of Sinohydro Group Ltd.'s initial public offering of up to 3.5 billion A-shares -- which is expected to be this year's largest.

Declining shares greatly outnumbered rising stocks by 2,039 to 210 in Shanghai and Shenzhen markets, with 88 unchanged.

All sub-indices fell, with the property sector leading the declines by tumbling more than 3 percent after more Chinese cities reported lower or unchanged housing prices in August amid cumulative government tightening efforts.

Vanke, the country's largest developer, fell 3.47 percent to 7.78 yuan. Poly Estate, one of the realty giants, tumbled 5.26 percent to 10.27 yuan.

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