US-based investment banking company Goldman Sachs has upgraded its forecast on China’s gross domestic product (GDP) for the current year and next year due to the government’s recent stimulus measures, according to media reports.
Accordingly, China’s GDP is forecast to grow by 4.9 percent in the current year, compared to an earlier estimation of 4.7 percent. Moreover, the bank has revised its forecast for next year’s GDP growth to 4.7 percent from 4.3 percent. “The move clearly indicates that policymakers have made a turn on cyclical policy management and increased their focus on the economy,” Goldman Sachs stated.
As SteelOrbis reported previously, different analysts from the major investment banks are expecting China to issue at least RMB 2 trillion ($283 billion) in special bonds to provide support for the targeted GDP growth of five percent set for 2024.