International credit rating agency Standard & Poor's (S&P) announced on September 24 it has cut China's GDP growth forecast for 2012 by half a percentage point to 7.5 percent.
S&P also revised the 2012 forecasts for GDP growth for other Asia-Pacific countries such as Japan, South Korea and Singapore down half a percentage point, while it has cut the GDP growth forecasts for Hong Kong and India by one percentage point to 1.8 percent and 5.5 percent, respectively.
The slowdown of China's economy affected other Asian export-oriented economies, including Japan, South Korea, Taiwan, Hong Kong and Singapore; while the ongoing euro-zone crisis increased risks for the Asia-Pacific area, according to the ratings agency.