(Yicai Global) April 3 -- China's economy will grow by 6.3 percent in 2019 and 6.1 percent in 2020, down from 6.6 percent in 2018, according to a report from the Asian Development Bank.

 The country's economy is undergoing structural changes from industry to services, and financial circumstances will get tighter as the government seeks to control risks, said the ADB. "Slower growth is to be expected as the economy matures," the report states.

In term of Asia, the ADB forecasts growth to soften to 5.7 percent in 2019 and 5.6 percent in 2020 from 5.9 percent in 2018.

"Growth overall remains solid with domestic consumption strong or expanding in most economies around the region," said ADB Chief Economist Yasuyuki Sawada. "This is softening the impact of slowing exports, uncertainty clouding the outlook remains elevated."

Editor: William Clegg