NEW YORK, Oct. 14 (Xinhua) — Goldman Sachs on Sunday raised its forecast for China’s economic growth for 2024 and 2025 due to the country’s recent pro-growth measures.

China’s gross domestic product (GDP) would grow by 4.9% in 2024, compared to an earlier forecast of 4.7%, according to a report from the investment bank.

Meanwhile, Goldman Sachs forecasts that China’s economy will grow 4.7% next year, up from 4.3% previously forecast.

“The latest round of stimulus in China clearly indicates that policymakers have changed their policy from cyclical management and focused more on the economy,” Goldman Sachs economists said.

China recorded GDP growth of 5.2% in 2023 and has set an economic growth target of around 5% for 2024.