This week, China introduced a series of new measures aimed at reviving its economy. The country has been struggling with a property market crisis and weak consumer spending.

The initiatives come as officials work to meet growth targets for 2024. Key among the steps is a reduction in interest rates. On Wednesday, the People’s Bank of China cut the medium-term lending facility rate—from 2.3% to 2.0%—marking the first reduction since July. The move spurred gains in Asian markets and followed a prior announcement to lower the 14-day lending rate.

Economists, such as Nomura’s Ting Lu, noted the boldness of these steps, calling the stimulus package a “bazooka” approach to rejuvenating economic activity.

In addition, China’s central bank lowered the reserve requirement ratio on Friday, freeing up around 1 trillion yuan ($141.7 billion) to encourage lending to businesses and consumers. This follows growing concerns over the country’s sluggish property market, where home sales have steadily declined.

Beijing also announced lower interest rates on existing mortgage loans, expected to benefit approximately 150 million homeowners. These measures are crucial for boosting consumer confidence and restoring growth in the world’s second-largest economy.