Goldman Sachs has raised its economic growth forecasts for the Chinese mainland for 2024 and 2025, citing recent pro-growth measures implemented by the country's policymakers. According to the investment bank's report, the Chinese mainland's gross domestic product (GDP) is expected to expand by 4.9 percent in 2024, up from an earlier forecast of 4.7 percent. For 2025, Goldman Sachs forecasts a GDP growth of 4.7 percent, an increase from the previous estimate 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 a GDP growth of 5.2 percent in 2023 and has set a target of around 5 percent for 2024.
