China slowdown a drag on Asia's rapidly expanding economies

Hong Kong

FOR years after the 2008 financial crisis, Asia's rapidly expanding economies propped up global growth, with China clocking a pace of more than 9 per cent, pulling along its neighbours.

Now, China's continuing slowdown is dragging them too, exposing weaknesses across the region, from Indonesian borrowing needs to record South Korean household debt and the bureaucratic and corruption hurdles in the Philippines that hold back its infrastructure projects.

Growth is undershooting forecasts, hurt by exports that are falling in nine among 12 main Asian economies, according to data compiled by Bloomberg.

The slump, which spans India to Malaysia and South Korea, is partly a consequence of China's deceleration - to a growth estimated at 6.8…