Earlier today, the World Bank slashed its outlook for growth in China to 7.7 percent in 2012 and 8.1 percent in 2013, down from 8.2 percent and 8.6 percent, respectively.

Reuters' Kevin Lim reports:

"Unlike the rest of the region, China is experiencing a double whammy -- the growth slowdown is driven by weaker exports as well as domestic demand, in particular investment growth," World Bank Chief Economist for East Asia and the Pacific Bert Hofman said at a briefing in Singapore.

For all of East Asia, the World Bank see 7.2 percent growth in 2012 and 7.6 percent growth in 2013. This is down from 7.6 percent and 8.0 percent.