Major reforms are needed in areas such as State-owned enterprises, the financial sector, environmental protection and urban and rural development, he said.

China's GDP growth is forecast to be 7.5 percent in 2014 and 7.4 percent in 2015, the ADB said in September.

Asia will remain the engine for the world economy in 2014. Regional growth is forecast to pick up to 6.2 percent in 2014 and further to 6.4 percent in 2015, from 6.1 percent in 2013, according to the ADB.

China's manufacturing activity at three-month high in Oct	Understanding the slowdown