HONG KONG: Asian markets fell on Tuesday after China cut its growth target for this year and caution over Greece's debt deal overshadowed upbeat numbers from the United States.
Hong Kong lost 1.18 percent, Shanghai shed 0.75 percent, Tokyo was 0.44 percent lower by the break, Seoul slipped 0.66 percent and Sydney gave up 0.95 percent.
Traders said Monday's announcement by Premier Wen Jiabao at the opening of the National People's Congress - the annual parliamentary meeting - that China would target 7.5 percent growth in 2012 cast a pall over global markets.
It represents a further slowing in the world's number two economy - following 9.2 percent growth last year and 10.4 percent in 2010 - as its exports are buffeted by weak demand from US and European markets.
A slowdown in China would have a huge knock-on effect for other economies as they rely on it to drive their own growth. (AFP)
Hong Kong lost 1.18 percent, Shanghai shed 0.75 percent, Tokyo was 0.44 percent lower by the break, Seoul slipped 0.66 percent and Sydney gave up 0.95 percent.
Traders said Monday's announcement by Premier Wen Jiabao at the opening of the National People's Congress - the annual parliamentary meeting - that China would target 7.5 percent growth in 2012 cast a pall over global markets.
It represents a further slowing in the world's number two economy - following 9.2 percent growth last year and 10.4 percent in 2010 - as its exports are buffeted by weak demand from US and European markets.
A slowdown in China would have a huge knock-on effect for other economies as they rely on it to drive their own growth. (AFP)