Goldman Sachs raises China's economic growth forecast

Goldman Sachs on Sunday raised China's economic growth forecasts for 2024 and 2025 on the grounds of the country's recent pro-growth measures.

China's gross domestic product (GDP) is expected to expand by 4.9 percent in 2024, up from an earlier forecast of 4.7 percent, according to a report by the investment bank.

Meanwhile, Goldman Sachs forecasts the Chinese economy to grow by 4.7 percent next year, up from the previous forecast of 4.3 percent.

"The latest round of China stimulus clearly indicates that policymakers have made a turn on cyclical policy management and increased their focus on the economy," said economists with Goldman Sachs.

China posted GDP growth of 5.2 percent in 2023 and has set a target of around 5 percent for 2024.