TORONTO — A new report says Canada is one of five countries most exposed to China's slowing growth. Geneva-based asset manager Unigestion says Canada's reliance on commodity exports makes it vulnerable as Chinese demand for oil, metals and other raw materials falls because of structural shifts in its market. Canada, where commodities make up roughly half of exports, is facing lower prices for its goods and falling demand from China, which accounts for five per cent of its total exports. Unigestion says China is maturing from an investment-led economy into a services and consumer-based economy, meaning annual GDP growth of around seven per cent rather than the average of 12 per cent that the country posted between 2000 and 2010. An aging population, over-investment, a slowdown in the European Union and the rise of the U.S. dollar are also weighing on the country's growth. The Chinese yuan is pegged to the greenback, meaning gains in America's currency push up the value of the Chinese currency and make its exports more expensive for buyers. Unigestion says the country most exposed to the Chinese slowdown is Malaysia, followed by Australia, South Korea and Switzerland.