The fading Chinese economy has passed President Xi Jinping’s pain threshold and Beijing has unleashed a new round of stimulus. It aims to stabilise the imploding property market, send the stock market into outer space and rescue the economy with the wealth effects.

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.

Australian Treasurer Jim Chalmers on Friday welcomed Chinese efforts to stimulate its slowing economy, noting that its recent weakness has hurt Australia. Chalmers was wrapping up a two-day visit to Beijing,

Australia and China agreed to cooperate further on investment, trade and decarbonisation, Treasurer Jim Chalmers said on Friday during a rare visit to Beijing where he praised the recent stimulus packages announced by China.