China's mainland indices suffered their worst one-day fall in nearly three months as China announced its GDP growth eased to 11.5% in the third quarter vs. a record 12% in the second quarter of 2007.

Beijing also announced that inflation rose by 4.1% over the same period last year, climbing 20 basis points from the January to August period.

The Shanghai Composite -- the mainland's benchmark index -- plunged 280 points, or 4.8%, on the news, to 5,562.39 points.

Investors in other Asian markets were relaxed however, with most other indices gaining. In neighboring Hong Kong, the Hang Seng rose 520 points, or 1.78%, to 29,854 points, on expectation of a potential Federal Reserve rate cut.

"The growth in China is still tremendous although very, very, high," says Peter Haimes, investment director at Aberdeen Asset Management in Singapore. "When you have over 10% growth it's insignificant unless you see a sharp slowdown, and that doesn't seem to me to be happening "

The market gains in Hong Kong vs. the mainland Chinese losses continue the end of last week's trend, when dual-listed companies saw diverging performances on both exchanges.

While shares in China Life Insurance ( LFC) tumbled 2.45% in Shanghai, to 69.22 yuan, in Hong Kong they lost just 0.5%, to HK$51.20.

Similarly, Aluminum Corp of China ( ACH) plummeted 5.6% in Shanghai, to 47.10 yuan, while in Hong Kong the stock lost 2.8%, to HK$22.90.

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