The Asian Development Bank (ADB) downgraded growth forecast for China on Wednesday. According to the ADB, China is expected to expand by 6.5% in 2016, down from the previous estimate of a 6.7%, and 6.3% in 2017. The bank noted that the Chinese economy would continue to expand moderately due to lower exports, a drop in labour supply and supply-side reforms.

The economic growth of developing Asia is expected to be 5.7% this year, down from the previous estimate of a 6.0%, and 5.7% in 2017.

Southeast Asia is expected to grow 4.5% in 2016 and 4.8% in 2017.

"China's growth moderation and uneven global recovery are weighing down overall growth in Asia. Despite these pressures, the region will continue to contribute over 60% of total global growth," ADB Chief Economist Shang-Jin Wei said.