Goldman Sachs Group Inc. upgraded its forecasts for China’s economic growth in 2024 and 2025 after Beijing unveiled a series of measures to shore up growth, including plans for greater public spending announced over the weekend.

China said it would significantly increase government debt issuance to revive sputtering economic growth in its biggest stimulus program since the global financial crisis.China has announced a sizable increase in its government debt issuance to support its local governments,

China's finance ministry on Saturday unveiled a fiscal stimulus package aimed at reviving the flagging economy and achieving the government's growth target, though it did not disclose the size of the new measures.

The finance minister outlines measures to support the country’s property market and local governments, but offers no specific amount of potential stimulus package.

China will “significantly increase” government debt issuance to offer subsidies to people with low incomes, support the property market and replenish state banks’ capital as it pushes to revive sputtering economic growth.

China said on Saturday it will "significantly increase" government debt issuance to offer subsidies to people with low incomes, support the property market and replenish state banks' capital as it pushes to revive sputtering economic growth.

Finance Minister Lan Foan said Beijing will help local governments with their debt, give subsidies to low-income individuals, support the property market, and replenish state banks’ capital.