HSBC Holdings has started to be bullish on Chinese stocks listed in Hong Kong, stating that these stocks will benefit from more favorable policy rhetoric from mainland China and improved domestic economic prospects. In a report, HSBC strategists, including Herald van der Linde and Prerna Garg, wrote that the Hang Seng China Enterprises Index could rise by 21% by 2025. They have raised the year-end target for the index from the previous 8610 points to 8800 points. They have also upgraded the rating on Hong Kong stocks from neutral to shareholding. HSBC strategists stated that lower interest rates, along with measures to boost tourism and revive the Real Estate industry, will support the Hong Kong stock market. They noted, "The economic outlook in mainland China has improved, and the recent shift in policy tone certainly affirms the government's determination to stabilize the economy. This is a good sign for the A-share market, and we believe the Hong Kong market will benefit further."