The World Bank lowered its forecast for China's 2014 growth to 7.4 percent on Wednesday.

For 2015 to 2016, average growth is expected to ease to "slightly above 7 percent" as policy measures to place the economy on a more sustainable growth path are likely to intensify.

"Policy efforts to tighten credit growth, reduce excess capacity, internalize the cost of industrial pollution, and harden budget constraints of local government intensified in 2014," said Karlis admits, senior economist of the World Bank.