China exchange traded funds have been losing ground in March on renewed fears the fast-growing market may be in for a hard landing as the country tempers its economic outlook.

Global markets were unsettled Tuesday on concerns over China’s steel production and after the nation raised fuel prices. [China ETFs Fall]

Last year, observers hoped that the lull in Chinese growth would only amount to a “soft landing” where China’s markets, along with country-related exchange traded funds, would quickly regain their footing. But these hopes are quickly being dashed as more signs point to a “hard landing.”

Some of the largest China-related ETFs include iShares FTSE/Xinhua China 25 Index Fund ETF (NYSEArca: FXI), SPDR S&P China ETF (NYSEArca: GXC), iShares MSCI China ETF (NYSEArca: MCHI) and Powershares Golden Dragon Halter USX China Portfolio ETF (NYSEArca: PGJ).

According to Adrian Mowat, JPMorgan Chase & Co’s chief Asian and emerging market strategist, China’s economy is already in a hard landing, reports Weiyi Lim for Bloomberg.

“If you look at the Chinese data, you should stop debating about a hard landing,” Mowat said at a conference in Singapore. “China is in a hard landing. Car sales are down, cement production is down, steel production is down, construction stocks are down. It’s not a debate anymore, it’s a fact.”

The Shanghai Composite Index dropped 2.6% Wednesday after Premier Wen Jiabao stated that home prices are “far from a reasonable level,” fueling concerns that the government will continue to depress the property market, which could slow economic growth.