China data chill markets as world outlook dims

By the Associated Press | September 23, 2011 | 12:45 AM EDT

SHANGHAI (AP) — Signs that powerhouse China is slowing have spooked global markets and added to fears that the world economy will suffer another recession.

Analysts said Friday that the stock market fallout from one small, preliminary survey of manufacturers in China far exceeded the data's importance. But other signs of a slowdown suggest little reason for optimism.

If nothing else, they say the global sell-off that began Thursday and continued Friday reflects China's growing importance for world growth.