China is set to launch a series of $10 billion stimulus programmes in an effort to boost the domestic economy, including $10.3bn for food, water and sanitation, $1bn for energy, and $1.5bn for medical supplies, according to an official statement on Tuesday.
The statement, released by the Ministry of Commerce, said China will also expand the country’s healthcare and social security systems.
China has been facing criticism from investors for its sluggish economic growth, with the country suffering a record $3.5 trillion in capital outflows from domestic financial markets last year, according for China Daily newspaper.
As the global economy struggles, China has struggled to cope with a glut of cheap Chinese goods and labour.
Its currency, the renminbi, has weakened, and its stock market is down more than 60 per cent from a peak of nearly $700 a barrel in July last year.
While China has been boosting its economic growth and spending in recent years, it has faced criticism from overseas investors for lagging behind the rest of the world in its efforts to boost its domestic economy.