A report released Tuesday by the Asian Development Bank said China is set to post a GDP growth of 8.2 percent in 2013 due to strong consumption and assuming China continues boost in public spending, the US economy continues its slow recovery and conditions in the eurozone will not worsen.

However, the Chinese government steps to cool pressures on the environment and to narrow income gaps will limit the upside in 2014, according to ADB's report, Asian Development Outlook 2013, which expects a GDP growth of 8 percent in 2014.

The report forecast GDP growth in developing Asia of 6.6 percent in 2013 and 6.7 percent in 2014, up from last year's 6.1 percent, as rising private consumption and stronger intraregional trade will spur a pickup in growth in developing Asia in 2013 and 2014, while economic activity in the US and Europe remains in doldrums.

The report projects stronger economic activity in developing Asia to spur renewed price pressures, with inflation seen moving up from 3.7 percent in 2012 to 4 percent in 2013 and 4.2 percent in 2014.