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News Summary: China Construction Bank growth slows

The Associated Press

PROFITS COOL: China Construction Bank Ltd., one of China's "big four" state-owned commercial lenders, said Monday that profit growth slowed in the latest quarter as the economy cooled.

THE DETAILS: The Beijing-based lender said profit for the three months ended Sept. 30 rose 9.4 percent, down from 12.3 percent growth for the first nine months of the year.

GROWTH SLOWS: Earnings growth at China's state-owned banks has slowed as rapid economic expansion cools. Banks also are preparing for a possible rise in loan defaults following a flood of credit in response to the 2008 global crisis. Chinese banks also face a profit squeeze as the Communist Party gradually introduces market forces into lending.