The Chinese government has announced its largest economic stimulus package since the 2008 financial crisis, committing 10 trillion yuan ($1.4 trillion) to address the prolonged property sector downturn and stimulate consumer demand.

The measures include direct purchases of unsold housing inventory by state-owned enterprises, interest rate cuts, and cash transfers to low-income households. The package represents a significant shift from China's previous incremental approach to economic support.

Premier Li Qiang acknowledged the severity of the economic challenges in an unusual public statement. "We face headwinds that require decisive action. This package will stabilize the property market and restore confidence," Li said.