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.

Australian Treasurer Jim Chalmers hailed China’s new stimulus effort as a “really welcome development” for both his nation and the global economy after meetings with counterparts in Beijing during a two-day visit.

China on Friday opened up over a hundred billion dollars in cash for its ailing economy, capping a week in which its leadership embark on one of their biggest drives in years to kickstart growth.

Xi Jinping has called for the introduction of “forceful” interest rate cuts as the Chinese president battles to kickstart the stuttering economy. In a rare admission from China’s leadership, officials said the world’s second-largest economy was facing fresh turmoil as they vowed to inject greater levels of fiscal stimulus.