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CORRECTED-ADB's Nakao: China slowdown won't lead to steep downturn in SE Asia
July 17, 2013 / 8:22 AM / 4 years ago

CORRECTED-ADB's Nakao: China slowdown won't lead to steep downturn in SE Asia

(Corrects Nakao’s first name to Takehiko, not Takehiro, in 1st paragraph)

TOKYO, July 17 (Reuters) - China’s economic slowdown is likely to weigh on Southeast Asian economies but is unlikely to lead to a steep downturn in the region’s growth, Asian Development Bank President Takehiko Nakao said on Wednesday.

“Chinese exports are making a clear slowdown and may not sustain the momentum seen in the past,” Nakao, Japan’s former top currency diplomat, said at a news conference in Tokyo.

Nakao said he saw no serious short-term risks to China’s economy, adding that the country’s challenges were more about achieving sustainable, balanced growth driven by personal consumption.

“Risks remain on whether China can strike a balance between consumption and investment, and if it can smoothly achieve reforms in its financial and currency systems as well as its state-owned companies,” he said.

On Tuesday the ADB cut its growth forecasts for developing Asia this year and the next as a softer outlook for China, the world’s second-largest economy, meant subdued economic activity elsewhere in the region. (Reporting by Leika Kihara; Editing by Shinichi Saoshiro)

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