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| Asian markets tumble on weak Chinese economic data | Asian markets tumble on weak Chinese economic data |
| (about 1 hour later) | |
| Asian shares fell on Monday after both China and Japan released disappointing economic data, worrying investors about a slowdown in the region. | Asian shares fell on Monday after both China and Japan released disappointing economic data, worrying investors about a slowdown in the region. |
| Both Hong Kong's Hang Seng index and the Shanghai Composite fell by more than 1.6%, and the benchmark Nikkei 225 closed down 1% as well. | |
| On Monday, Japan revised down its 2013 growth estimates and reported a record deficit. | On Monday, Japan revised down its 2013 growth estimates and reported a record deficit. |
| Over the weekend, China said exports plunged 18.1%, surprising analysts. | Over the weekend, China said exports plunged 18.1%, surprising analysts. |
| The country also reported a rare $22.98bn trade deficit in February, compared to a surplus during the same period last year. | The country also reported a rare $22.98bn trade deficit in February, compared to a surplus during the same period last year. |
| Some analysts speculated that the figures could be distorted due to the impact of the Chinese Lunar New Year holiday. | Some analysts speculated that the figures could be distorted due to the impact of the Chinese Lunar New Year holiday. |
| China also reported a slowdown in inflation, to 2% in February from 2.5% in January - the slowest rate in 13 months. | China also reported a slowdown in inflation, to 2% in February from 2.5% in January - the slowest rate in 13 months. |
| The sluggish economic data come as the Chinese government said during its annual meeting that it was targeting a growth rate of 7.5% in 2014. | The sluggish economic data come as the Chinese government said during its annual meeting that it was targeting a growth rate of 7.5% in 2014. |
| However, China's finance minister Lou Jiwei later said that it would be acceptable if the government slightly missed this target. | However, China's finance minister Lou Jiwei later said that it would be acceptable if the government slightly missed this target. |
| "Whether GDP [gross domestic product] growth is to the left or to the right of 7.5%, that is not very important," said Mr Lou, according to Reuters. | "Whether GDP [gross domestic product] growth is to the left or to the right of 7.5%, that is not very important," said Mr Lou, according to Reuters. |
| He added that what was most important was job creation. | He added that what was most important was job creation. |
| Separately, Japan revised its 2013 economic growth from 1% to 0.7%, and also reported its largest deficit since 1985. | Separately, Japan revised its 2013 economic growth from 1% to 0.7%, and also reported its largest deficit since 1985. |