The cuts come just days after the country posted its slowest quarterly growth in a year and a half, underlining the deep economic woes the country faces.

The People's Bank of China, Ministry of Finance and other departments have at least announced enough stimulus measures to convince economists this year's performance will be on-target

The economy expanded 4.6 percent year-on-year in the third quarter, down from 4.7 in the previous three months and the slowest since early 2023

Housing minister Ni Hong said Beijing will "increase the credit scale of white-list projects to four trillion" yuan ($562 billion) by the end of the year

Officials have in recent weeks unveiled a string of measures to reignite the world's number-two economy and bring an end to years of depressed business activity with an eye to achieving five percent annual growth

The two sides also signed a memorandum of understanding (MoU) on the implementation of cross-border payment services via QR codes and an agreement to study a model for an "economic cooperation zone" across their border

The consumer price index (CPI), a key measure of inflation, rose 0.4 percent year-on-year in September, down from the 0.6 percent recorded in August, the National Bureau of Statistics (NBS) said

The measures, announced at a highly anticipated press conference by Finance Minister Lan Fo'an and other officials, came on top of a series of steps announced over the last weeks

The news lit a fire under mainland and Hong Kong equities on renewed hopes that officials would finally get a grip on the issues that have dogged the economy for years

The news comes after traders on the mainland and in Hong Kong were left disappointed by a news conference Tuesday in which officials failed to unveil any new stimulus and provided scant detail on its plans for implementing the raft measures already flagged

Chinese Commerce Minister Wang Wentao's call with US Commerce Secretary Gina Raimondo was described by Beijing as "candid, in-depth and pragmatic".

Beijing has struggled to reignite business activity as officials target around five percent expansion, which analysts say is optimistic given the numerous headwinds, from a prolonged housing crisis to sluggish consumption and local government debt

Amid slowing growth and a property downturn, domestic demand has remained anaemic for much of the year: retail sales rose only 2.1 percent in August, missing analyst forecasts of 2.5 percent

More than 50 cities introduced policies to boost the real estate market, while nearly 2,000 developments from more than 1,000 property companies participated in promotions

Beijing plans to issue sovereign bonds worth about 2 trillion yuan ($284 billion) this year, in part to subsidise consumer goods purchases and child support, effectively transferring funds to households

The teetering property sector has long accounted for around a quarter of gross domestic product and experienced dazzling growth for two decades

The special government debt would equal to just 1.4 percent of last year's GDP - not quite the "whatever it takes" big-bang approach many economists and investors had been hoping for.

China this week unveiled a bundle of new measures aimed at kickstarting its economy, battered by unprecedented headwinds including a property sector crisis and sluggish spending

China's top leaders, including President Xi Jinping, admitted Thursday that the economy was facing new "problems" and vowed to resolve a long-running housing sector crisis, state media said

Chinese leaders are considering pumping more than $140 billion into the country's large state-run banks in the first such move to support the flagging economy