0014 GMT - China's latest round of stimulus shows a shift on cyclical policy management and sharpened focus on the economy, Goldman Sachs economists say as they lift their forecast for China's 2024 real GDP growth to 4.9% from 4.7%. The MOF suggested that CNY2.3 trillion of local government special bond funds will be used in 4Q, signaling a more back-loaded fiscal impulse and larger rebound in growth from 3Q to 4Q than GS previously expected. The NDRC said it would pre-approve CNY200 billion of next year's projects by end-October, which GS views as an effort to get growth closer to this year's "around 5%" target. It lifts its 2025 real GDP growth forecast to 4.7% from 4.3%. Data and policy events, plus the U.S. election, could warrant forecast changes in coming weeks. (fabiana.negrinochoa@wsj.com)
(END) Dow Jones Newswires
October 13, 2024 20:14 ET (00:14 GMT)
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