New reports are signaling that Asian economies are markedly slowing in the face of weakening demand for their exports.

On Friday, China said growth of its exports had virtually stalled, up just one percent from a year earlier. Meanwhile, two key Asian financial centers, Hong Kong and Singapore, reported weak economic figures for the April-to-June period. Hong Kong said its economy advanced an anemic 1.1 percent in the second quarter, while Singapore's economy shrunk seven-tenths of a percent.

Earlier in the week, India reported that its industrial production is slipping, while Taiwan said its exports dropped sharply last month.

All of the export-driven Asian economies are confronting slack demand for their products, as the effect of the stagnant economy in Europe's 17-nation euro currency union spreads across the globe and the United States struggles to boost its economy.

China, with the second biggest global economy, said its imports are slowing as well, up 4.7 percent in July from a year earlier.

Beijing's weak July trade figures, as well as data released Thursday showing slower industrial production, could prompt Chinese leaders to take more aggressive action to stimulate the country's economy. The government has already cut interest rates twice this year and begun spending on a number of public works projects.