China's CSI 300 stock index just had its best week since 2008 and could rise 10% in the short term, said Morgan Stanley's Laura Wang. The CSI 300 Index, which tracks major stocks on the Shanghai and Shenzhen exchanges, closed at 3,703.68 points on Friday, up 15.7% for the week. Wang, chief China equity strategist at Morgan Stanley, told CNBC's “Street Signs Asia” on Friday that the index could rise another 10%. But she warned that continued gains would require more details on Beijing's recent economic stimulus measures. “Well, we actually think the rebound has further to go,” she said. “As we conducted our analysis of the recent refinancing program and other market stabilization tools, we realized that for most companies that qualified for the program, in order to take advantage of these tools, the CSI 300 Index would likely gain an additional 10% from the technical From a perspective, there is room for upside in the short term,” she added. Investors have piled into Chinese stocks after the People's Bank of China announced a series of measures this week to support economic growth, including cutting bank deposit reserve ratios for cash by 50 basis points. Goldman Sachs said hedge fund spending on Chinese stocks on Tuesday hit the highest level since March 2021, noting it was the second-highest day for such purchases in 10 years. Chinese stocks rose further after Beijing called on Thursday to halt the property slump and strengthen monetary and fiscal policies. They also affirmed previously announced stimulus measures. Billionaire U.S. hedge founder David Tepper told CNBC's “Squawk Box” on Thursday that he believes China's latest policy move is a major shift after the Federal Reserve cut interest rates last week. He said he has since bought more Chinese stocks. However, it remains to be seen whether the rally can go higher in the long term. China's stock market will only be open for one more trading day, with the country embarking on a seven-day National Day holiday (also known as “Golden Week”) on Tuesday. Wang said it was “very, very important” for the government to share specific details of the stimulus implementation plan in light of the upcoming holidays. “After the break, we really want to see details on the implementation of physical spending and market stabilization measures as soon as possible,” Wang said. “All of this needs to happen very, very quickly in the coming weeks or months to make this more feasible. It continues to be a true recovery rally.”