Leo Zhang/Shanghai Daily news

Shanghai shares dipped for the first day in six amid profit-taking on news that China's economic growth will slow and earnings of listed companies may drop this year.
The shanghai Composite Index, which covers yuan-denominated Class A shares and hard-currency Class B stock, lost 0.78 percent to 1,211.05, snapping a five-day, 5.1 percent run.
The a-share index ebbed 0.79 percent to 1,272.25 and the B-share index slipped 0.05 percent to 70.73.
"It's time for investors to unload over-valued chips to reap gains," said Lu Chengde, a Guosen Securities Co analyst. "Concerns of overcapacity still cloud some industries."
China's economy may rise by between 8.5 percent and 9 percent this year as the government's austerity measures will take "apparent" effect, the China Securities Journal said, citing a research by the National Development and Reform Commission, the nation's top planner. The figures compare with a nearly 10 percent economic growth last year.
Growth in fixed-asset investment will probably touch 20 percent this year, down from more than 27 percent in the first 11 months of last year, the paper said.
Exports may post a 15 percent growth for 2006, down from year-on-year growth of 28.4 percent last year.
Elsewhere, the cumulative profit at listed companies is likely to fall nearly 10 percent this year, according to Jiang Hui, a fund manager at ICBC Credit Suisse Asset Management Co.
China petroleum & Chemical Corp, Asia's largest oil refiner, slumped 3.17 percent to 5.48 yuan (68 US cents).
China yangtze Power Co, owner of the world's biggest hydropower project, shed 1.40 percent to 7.02 yuan while Jiangxi Copper Co, the country's biggest producer of the metal, eased 0.86 percent to 5.76 yuan.