While talk of political dysfunction in the United States dominated many of the conversations at this year’s Asia Pacific Economic Cooperation summit, another topic was causing anxiety: China’s economic slowdown and its implications for the region.
China’s so-called economic miracle has powered growth in Asia for years, helped deepen trade ties and spread much-needed capital to its neighbors.
But now, it looks like slowing growth in China could spill across borders to less-developed parts of the continent. The World Bank just downgraded its forecast for the increase in China’s GDP this year to 7.5% from 8.3%. Its estimate for the rest of Asia was even worse: 7.1% instead of 7.8%.
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