【Goldman Sachs Expects China's GDP To Grow By 4.5% In 2025. The Key To Further Inflation Is A Strong Fiscal Policy】“If Fiscal Strength Falls Short Of Expectations, There May Be A Downside Risk In Economic Growth Next Year.” On November 20, Goldman Sachs's Chief Chinese Economist Shanhui Said At The 2025 Macroeconomic And Capital Market Situation Analysis Media Conference Held In Beijing That China's Policy Interest Rate Will Continue To Decline. On The Fiscal Side, The Deficit Rate Is Expected To Be 3.6% Next Year, And The Broad Deficit Will Continue To Rise To 13% Of GDP. Shanhui Said That With Regard To China's Macroeconomic Outlook For 2025, More Uncertainties Have Emerged, Which Can Be Called “going Against The Wind.” From A Foreign Perspective, The Main Disrupting Factor Is The US Tariff Policy, Which Will Affect China's Net Exports, Which Will Cause Exports To Have A Negative Impact On Economic Growth. The Domestic Factor Is Still The Real Estate Market; At The Same Time, The Recovery In Consumption Will Also Be Relatively Slow. Goldman Sachs's Forecast For China's GDP Growth Rate In 2025 Is 4.5%, Which Is Slightly Higher Than That Of Other Institutions. The Premise For Achieving This Growth Rate Is That Monetary Policy, Fiscal Policy, And Credit Policy Are All Expansionary