(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)