The World Bank has slightly cut its 2014 growth forecast for China and East Asia.
The world lender, citing a 'bumpy start to the year, now expects the Chinese economy to grow by 7.6 percent in 2014, down from its earlier projection of 7.7 percent.
The bank said it also expected the developing East Asia Pacific region to grow by 7.1 percent in 2014, slightly lower than its earlier projection of 7.2 percent.
However, the bank said recent reforms unveiled by China were likely to help it achieve 'more sustainable and inclusive' growth in the long term, the BBC reports.
China had set out an ambitious and comprehensive reform agenda, which includes reforming the financial and services sectors as well as the big state-owned enterprises, aimed at overhauling its economy over the next decade.
The bank in its latest report said if implemented, the reforms will have a profound impact on China's land, labour, and capital markets, and enhance the long-term sustainability of its economic growth.
The bank also cut its growth outlook for Thailand, predicting that the Thai economy will expand by 3 percent this year, down from its earlier projection of 4.5 percent growth.
A series of anti-government protests in recent months have stoked fears of political uncertainty in the country and its impact on the Thai economy.
