OECD cuts China GDP outlook, urges reform

Looking at China, the OECD cut its forecast for China's 2013 economic growth to 7.8 percent. This is the same pace as last year's official growth rate.

In March, the organisation forecast China's economy to expand 8.5 percent this year. The OECD says it doesn't see any pick up in domestic demand as the global recovery is still uncertain. It also cut China's 2014 growth to 8.4 percent from 8.9 percent previously.

It called for a detailed reform plan by the government, especially in the area of interest rate deregulation and increased labour market flexibility.