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"Expansion in China should moderate to 6.6 percent in 2018 and 6.4 percent in 2019 as economic policy leans further toward financial stability and a more sustainable growth trajectory," the ADB said.

According to the Chinese government work report released in March, China has set its GDP growth target at around 6.5 percent for 2018.

The ADB said that service sector is fueling China's continued growth, increasing by 8 percent in 2017. Strong demand at home and abroad together with economic reforms lay the foundation for continued growth and macroeconomic stability in China, it added.

"Further progress on reforms such as strengthening financial sector regulation and supervision and addressing debt issues would lay a foundation for solid macroeconomic stability," the ADB said.

Meanwhile, the ADB said economic growth in East Asia picked up by 0.3 percentage points to 6.3 percent in 2017 "as strong external and internal demand lifted every economy in the sub-region."

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