The Asian Development Bank (ADB) upgraded growth forecast for China on Thursday. According to the ADB, China is expected to expand by 6.9% in 2015, up from the previous estimate of a 6.8% rise, and 6.7% in 2016, unchanged from the previous estimate.

The economic growth of developing Asia is expected to be 5.8% this year and 6% in 2016, both unchanged from the previous estimates.

Southeast Asia is expected to grow 4.4% in 2015 and 4.9% in 2016, both unchanged from the previous estimates.

"Although we have seen some softening in a number of economies, the broader regional outlook is for continued steady growth," ADB Chief Economist Shang-Jin Wei said.