Goldman Sachs raised its economic growth forecasts for China for 2024 and 2025 on Sunday, citing the country's recent pro-growth initiatives. It now projects China's gross domestic product (GDP) to grow by 4.9% in 2024, up from its previous estimate of 4.7%.

For 2025, Goldman Sachs expects China's economy to expand by 4.7%, an increase from the earlier forecast of 4.3%.

"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," Goldman Sachs' chief China economist Hui Shan said.