S&P cuts China's growth forecast to 7.5 pct amid slowdown

International rating agency Standard & Poor's (S&P) lowered China's economic growth forecast to 7.5 percent on Monday due to the slowdown in the world's second largest economy, ongoing euro-zone crisis and a slower-than-expected recovery in the United States.

S&P also revised down 2012 forecasts for GDP growth for other Asia-Pacific countries, including India (to 5.5 percent), Japan (to 2.0 percent), the Republic of Korea (to 2.5 percent) and Singarpore (to 2.1 percent).

It cut growth forecast for China's Hong Kong to 1.8 percent from the original 2.8 percent.

The agency said the slowdown of China's economy had affected other Asian export-oriented economies, including Japan, the Republic of Korea and Singarpore.

S&P analysts said any further worsening of the euro-zone crisis will naturally increase risks for the Asia-Pacific area, which is sensitive to capital flows and trade.