BEIJING -- The Asian Development Bank downscaled this year's growth forecast for China to 7.6 percent due to weak domestic demand.

In April, the ADB had predicted the Chinese economy to grow at 8.2 percent and then further bumped its forecast down to 7.7 percent in July.

In its latest report issued on Wednesday, the Manila-based lender estimated that China would post a 7.4 percent growth rate in 2014.

China's economic slowdown is the cost of its economic restructuring, and the government's latest moves to control credit bubbles and shadow banking showed that the current slowdown can benefit the country's long-term sustainable development, the ADB said.

China revised down its 2012 economic growth to 7.7 percent, the slowest pace in 13 years.

The government has set China's full-year economic growth target at 7.5 percent for this year.