The World Bank cut its growth forecast for developing economies in East Asia and the Pacific region as a whole in 2013 to 7.1 percent from the previous forecast of 7.8 percent, according to a report the bank released on October 8.

The East Asia and Pacific Economic Update, released every six months, also cut its forecast for China from 8.3 percent to 7.5 percent.

"Growth in China is expected to meet the official indicative target of 7.5 percent this year. The short-term outlook is improving as industrial production data suggests further strengthening of output in the third quarter," said the report.

"China is likely to see further rebalancing of its economy by slowing credit growth and investment, although the pacing is likely to depend on overall growth," it said.

Bert Hofman, World Bank East Asia and Pacific chief economist, said the slower growth will in a way help China in the medium term as it goes through reforms to restructure the economy.