Economists at credit insurer Coface say North America remains on track, with company results consistently improving and financial strength stabilizing sector risks at relatively comfortable levels. Western Europe's return to economic growth may only be gradual, but it is real. However, emerging Asia is a cause for concern. China's slowdown reveals structural difficulties that impact corporate profitability. Sectors suffering from overcapacity must inevitably restructure, an unavoidable process that carries with it higher risks.