China’s state media has reported that President Xi Jinping has announced a “massive” stimulus package of 1 trillion yuan ($1.2 trillion) for the economy, a figure that comes on top of his previous promises of doubling the size of the country’s welfare state.
The news comes as the country struggles with high inflation, high unemployment, and falling stock markets, all of which have contributed to the country having a reputation as a magnet for foreign investment.
But the president also made some other bold promises, like a crackdown on corruption and “free and fair elections.”
The latest batch of economic policies are a major shift for the country, as the last six years have seen the government enact massive policy changes, which were widely criticized as a massive failure by the Chinese people.
Xi’s stimulus package comes amid rising economic tensions between the two Koreas, and amid the United States’ military buildup in the region.
The announcement comes as Beijing has been fighting back against the United Nations over its handling of the North Korean crisis.
On Tuesday, the UN Security Council voted to impose new sanctions on the country in response to the launch of a long-range missile by the North.
The Chinese leader’s announcement comes days after he told reporters that China will step up efforts to bolster its economic growth, which is the main pillar of its leadership.