Chinese growth averages six percent over the next five years

The Organization for Economic Co-operation and Development (OECD) expects that slow economic growth of an average of six percent per year will continue in China during the next five years, while India's growth rate for the said period has been raised to 7,3 percent.

According to the OECD's Annual Report, released at a regional business conference ahead of the Association of Southeast Asian Nations (ASEAN) summit, China's slowdown means lower export demand and investment inflows in Southeast Asia will sink economic growth to an average of 5,2 percent a year until in 2020, reports Capital.ba.

The report states that China's slowdown, the tightening of the monetary policy of the United States of America (US) and the reduction of productivity growth, represent key challenges for maintaining the growth momentum of the Asian region.

According to the OECD document, the transformation of Southeast Asia into an economic community by December 31, along the lines of the European Union, is a big step, but actual integration activities, such as those in the services sector, are slow.

The report calls for greater efforts in the region to help the poorer members - Cambodia, Laos and Myanmar - bridge the development gap.