The latest stimulus package announced by the People's Bank of China (PBoC) came earlier and was bolder than we had expected. However, we have maintained our 4.8% growth forecast for China this year as it will take time for the policies to feed through. More importantly, what remains key to watch is if full-fledged policy coordination will follow suit in the upcoming months, which could lead us to review our 2025 growth forecast at a later stage.