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Goldman Sachs upgrades Chinese stocks to overweight for short-term trades

China's long-term economic picture remains murky, but it's time to take a tactical overweight position on mainland stocks, Goldman Sachs says.

Goldman issued a research note on Monday upgrading Chinese equities to overweight from market-weight.

"Even though the longer-term structural concerns, with respect to credit extension and overcapacity and so forth, are still there and are very concerning, in the near term we think that China is a good and continuing catch up trade," Timothy Moe, chief Asia equity strategist at Goldman Sachs, told CNBC's "Squawk Box.

He said China was a decent bet for traders looking to make money through the end of the year.

"We think on a cyclical basis, the economy will actually begin to strengthen in the fourth quarter because of recently announced policy easing measures," Moe said. "Corporate earnings are beginning to stabilize. They're not great in absolute terms but they're beginning to stabilize...