The World Bank on Wednesday raised its 2013 economic growth forecast for China to 8.4 percent, citing the fiscal stimulus and the faster implementation of large investment projects.

The forecast is higher than the 8.1 percent figure cited in an October report.

The Washington-based institution said the slowdown in the Chinese economy appears to have now bottomed out, though growth in the third quarter fell to a three-year-low of 7.4 percent year-on-year.

The report projected growth of 7.9 percent for China in 2012, which is 1.4 percentage points lower than last year's 9.3 percent, and the lowest since 1999, due to weak exports and the regulations on the housing sector.

Growth in China is expected to slow to around 8 percent in 2014, with the potential pace of economic expansion gradually declining as productivity and labor force growth tail off, the World Bank said.

For East Asia as a whole, next year's growth is expected to come in at 7.9 percent, up from an earlier forecast of 7.6 percent, with the Philippines and Malaysia growing 6.2 percent and 5.0 percent, respectively.