BEIJING, April 1 -- The Asian Development Bank (ADB) said on Tuesday that China's economic growth may further moderate in the next two years as the nation adjusts to more balanced growth.
China's economic growth will grow by 7.5 percent in 2014 and 7.4 percent in 2015, further slowing from a 7.7-percent growth in the previous two years, ADB forecast in a report on Asian development.
The slowdown will offset to some extent the stronger demand expected from developed economies, including the United States, Europe and Japan, the report said.
China's economy slowed in the previous two years due to impacts from tightened credit growth, pared industrial overcapacity, deepening local government debt, currency appreciation and the continuing shift in the government's development priorities away from quantity toward quality.
These factors will persist in the next few years, the ADB said.
China has set its GDP growth target at 7.5 percent for three consecutive years since 2012, as the country's export-driven growth was thwarted by flagging demand from developed economies and the government push for more balanced and sustainable growth.
"China's growth is set to slow somewhat in the years ahead as policy promotes growth that is more equitable, sustainable, and balanced," according to the ADB's report.
However, the bank sees its 45 Asian members extending steady economic growth, with their aggregate growth rate accelerating from last year's 6.1 percent to 6.2 percent this year and 6.4 percent in 2015.
"Developing Asia is successfully navigating a challenging global economic landscape and is well positioned to grow steadily over the next two years," said ADB President Takehiko Nakao.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration.