China, HK stocks fall as investors dump blue chips on economic worries
* CSI300 -1 pct; SSEC -1 pct; HSI -0.6 pct
* Money continues to shift into small caps from blue chips
* Banks fall; cleantech, healthcare stocks outperform
By Samuel Shen and Kazunori Takada
SHANGHAI, March 5 (Reuters) - China stocks sagged in thin trading on Thursday, with investors dumping blue chip shares such as banks and real estate firms on worries about the slowing economy.
Premier Li Keqiang told the National People's Congress (NPC) at the opening of the annual parliamentary meeting that China would target growth this year of around 7 percent, signalling the lowest expansion for a quarter of a century, as "the downward pressure on China's economy is intensifying."
He also vowed to fight corruption and pollution, and stressed the need for more painful reforms.
"Expectations of monetary easing have pushed the stocks up to the current level, but for the market to go higher, you need signs that the economy has bottomed out," said Xia Xiaohui, chairman of Shanghai-based asset manager Liuhe Capital. "So far, I haven't seen any."
Both the CSI300 index and the Shanghai Composite Index lost 1 percent, weighed down by financial heavyweights. Continuación...