Chinese equities traded in New York dropped, sending the benchmark index lower for the first time in three days, after the Asian nation’s import fell and industrial output growth eased, adding to signs the economy is slowing.
Xinhua News Agency, China’s official news wire, reported revenue of 5.6 billion yuan ($884 million) in 2011, a 72 percent gain from 2010, as the country pushes to expand its influence around the world.
Searches for “Shanghai Composite” were blocked from China’s most-used microblogging service after the stock index’s drop on the 23rd anniversary of the Tiananmen Square crackdown corresponded to the date of the event.
A ban on Internet users commenting on posts to China’s two largest microblogging sites enters its third day after the government closed 16 websites and detained six people for spreading rumors of a coup attempt in Beijing.
China, where the world’s four top agricultural contracts are traded, said a slump in commodity prices showed government efforts to cool markets had worked even as two brokerages said the effect may not endure.
Sina Corp., owner of the Twitter- like Weibo service in China, plunged to a 15-month low after the company said that Beijing’s municipal government will force microblog users to verify their identifies.
The Bank of New York Mellon China ADR Index, which tracks American depositary receipts, declined 0.5 percent to 369.83. The New York Stock Exchange Arca China Index was little changed at 218.38. The Shanghai Composite Index gained 0.8 percent to 2,438.79.
Beijing will force microblog users to verify their identities, tightening control of the world’s largest Internet market as a siege at a village in southern China underscores the threat of social unrest.