Goldman Sachs raises 2024 China growth forecast to 4.8%

Goldman Sachs has raised its forecast for China's economic growth next year as the bank's economists expect the Chinese government to "step up easing materially" in the coming months, the investment bank said in a note on Thursday. It raised the real gross domestic product growth forecast for the world's second biggest economy to 4.8% from 4.5%, according to the note.

Despite the continued weakness in the property sector and subdued external demand, the International Monetary Fund (IMF) also revised up its growth forecast of China's economy in 2024 to 4.6% from 4.2%.