HSBC has raised its forecast for China's GDP growth for this year to 8.1% from the previous 7.8%, said HSBC Group Chairman Stephen Green on Sunday.

Green said at the annual International Business Leaders' Advisory Council that the effect of China's stimulus measures will further boost the country's GDP growth and make the recovery momentum continue next year.

Green also said that Shanghai, the biggest city in China, has experienced relatively stable growth despite the global financial crisis, which indicates that it has the potential to become a financial center comparable to New York or London.

China's GDP grew 7.7% year on year to RMB 21.78 trillion in the first three quarters of this year, according to an earlier report from China Knowledge. The country's GDP growth was 6.1% in the first quarter, 7.9% in the second quarter and 8.9% in the third quarter.

China aims to achieve a GDP growth rate of 8% for the year.