Package of measures reducing costs for housing loans amounting to 5.3 trillion. dollars, as well as $113 billion to support stocks with interest rate cuts and easing, so as not to miss the 5% growth target, China’s central bank announced.

The Central Bank of China has announced an important package of measures aimed at revitalizing the country’s economy.

The governor of the People’s Bank of China announced plans to lower borrowing costs and allow banks to increase their lending.

Stock prices are 40% below their 2021 high, property prices last month posted their biggest drop since 2014 and China is at risk of missing its growth target for the second time in three years.

Oil prices recorded an increase of close to 2%, while China’s stock market shot up by 4% following the decisions of the Central Bank.

The move comes after a series of disappointing data raised expectations in recent months that the world’s second-largest economy will miss its own target of 5% growth this year.

The new measures to stimulate China’s economy come a few days after the Federal Reserve Bank of the United States (Fed.) cut interest rates for the first time in more than four years by a larger-than-usual cut.