Global banks, institutions optimistic on China growth

Major global banks and institutions raised their forecasts for China's economic growth this year following the country's stronger-than-expected first-half performance, reflecting their confidence in the world's second-largest economy despite persistent external challenges.

Foreign institutions, including Morgan Stanley, Goldman Sachs, UBS and Nomura, upgraded their full-year GDP growth estimates for China, which are closer to the country's official growth target of around 5 percent.

Morgan Stanley recently raised its forecast for China's 2025 GDP growth from 4.5 percent to 4.8 percent, while Goldman Sachs lifted its outlook for China's 2025 GDP growth to 4.7 percent from the previous 4.6 percent.