China needs to quicken structural reforms to cope with growth moderation: ADB

China needs to quicken structural economic reforms as the growth rate in the country in 2013 and 2014 will fall below earlier projections, the Asian Development Bank (ADB) said in a report released here in Hong Kong on Wednesday.

In an update of its flagship annual economic publication Asia Development Outlook 2013, ADB revised down its 2013 economic growth for China to 7.6 percent from 8.2 percent seen in April.

For 2014, the growth will slow further to 7.4 percent from the previous estimate of 8 percent, the report said.

"Moderating growth in China is the price of structural reform as authorities engineer a medium-term transition to a more sustainable growth plan than one led by exports and investment," said ADB Chief Economist Changyong Rhee.

He said the authority should continue with structural measures to help lift the economy, putting greater emphasis on domestic consumption and less on investment.

"The central government will have to carry out a delicate balancing act of encouraging sustained robust growth through reforms and stimulus, while continuing to mitigate risks in the financial sector through careful monetary policy management," Rhee said.

He said promoting greater domestic consumption requires more public spending on health, education and social safety nets, however, with moderating growth prospects, fiscal reform is necessary to secure sufficient resources to meet the rising demand for social services.