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China stocks plunge after Premier vows to retain property market control

(Xinhua)

16:04, March 14, 2012

BEIJING, March 14 (Xinhua) -- Chinese shares tumbled Wednesday after Premier Wen Jiabao said that China will not slacken it efforts in regulating the housing prices.

The current housing prices are still far from falling back to a reasonable level, Wen said at a press conference after the conclusion of China's annual parliamentary session.

The benchmark Shanghai Composite Index plunged 2.63 percent, or 64.57 points, to end at 2,391.23.

The Shenzhen Component Index slumped 3.19 percent, or 332.35 points, to end at 10,094.89.

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