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

S&P also revised down 2012 forecasts for GDP growth for other Asia-Pacific countries, including India to 5.5 percent, Japan to 2 percent, and South Korea to 2.5 percent.

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

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

Reuters