A surge in bank lending and fixed asset investment has strengthened economists' faith in China's recovery and brought the target of 8 percent growth within reach for the world's third-largest economy.

In its Asian Development Outlook 2009 Update report yesterday, the Asian Development Bank (ADB) raised its forecast for China's economic growth this year to 8.2 percent from the 7 percent it forecast in March.

The Manila-based multilateral finance organization added that China's economy will likely grow by 8.9 percent next year if Beijing maintains its stimulus spending.