China's slowdown can help other economies

China's economic slowdown in 2015 will have important consequences for countries in the region and beyond. For most countries, even the sub-7 percent GDP growth expected this year - and in the coming years - would be a cause for celebration. After three decades of double-digit growth, however, the weakening performance of what is now the world's second-largest economy is a significant source of concern - and not just for the Chinese.

But while China's slowdown will have negative consequences for some countries, it is also creating opportunities for others. The fate of countries in the region depends on the structure of their economies - and, crucially, how they can adapt to their giant neighbor's ongoing economic transformation.

Countries that produce raw materials, such as copper, oil and minerals, for manufacturing in China are already seeing the biggest changes. China's industrial slowdown means a corresponding reduction in world demand for these commodities. Countries such as Kazakhstan and Chile, whose economies are heavily concentrated in such sectors, are finding the contraction a serious challenge.