Goldman Sachs analysts upgraded their growth forecast on China from 4.7% to 4.9% for this year, close to officials' target of around 5% growth.

Goldman Sachs Group Inc. upgraded its forecasts for China’s economic growth in 2024 and 2025 after Beijing unveiled a series of measures to shore up growth, including plans for greater public spending announced over the weekend.

Goldman Sachs raised China's gross domestic product forecast to 4.9% from 4.7% for 2024, according to a research note, citing the government's latest round of stimulus measures. The move "clearly indicates that policymakers have made a turn on cyclical policy management and increased their focus on the economy,

Goldman Sachs upgraded its China growth forecast, citing recent stimulus efforts. But another large package is needed when it comes to reviving the world's second-largest economy.