Countries in Asia affected differently by Chinese slowdown. - A recent Coface study says that although China is trying to find the path back to healthier and more sustainable growth, this is not without pain for its economy and that of its neighbours. According to Coface estimates, growth is not expected to rise beyond 6.7% in 2015 and 6.2% in 2016 - when it was at 13.4% in 2006-2007. This results in the weakening growth of catching up in technology and capitalism: several sectors are suffering from overcapacity and companies' debt is rising, thus penalising investment. China's economic slowdown and the change in its economic model will have repercussions on other countries in the region, Coface believes. Hong Kong and Singapore are both exposed to the Chinese slowdown through the financial channel on the one hand, and through the trade channel on the other, because the weight of their exports to China in high-risk sectors is heavy: 74% of GDP in Hong Kong and 15% for Singapore. Mongolia too exports large volumes to China and therefore also risks being very affected by the country's slowdown. Thailand, Malaysia, Indonesia and Vietnam are also expected to be impacted by the Chinese slowdown, but more moderately. While the financial and trade exposure of these countries is significant due to the important weight of their exports to China, their high-risk exports to China are below 10% of the GDP of these countries and their economic robustness is sufficient for their growth to stay on track. Coface estimates that a 10% fall in the exports of these countries to China would lead to a loss of growth of at least one point for these economies. The countries which seem the least affected are India and the Philippines. On the one hand, their trade relations with China are limited, as are the risks of financial contagion. On the other hand, they are benefitting from the fall in prices of raw materials. (Original version in French by Isabelle Lamberty)