He co-chaired the meeting with Zheng Shanjie, chair of China’s National Development and Reform Commission, one of the country’s top economic planning bodies.

They were expected to discuss the state of the Chinese economy and its implications for Australia, investment between the two countries and expanding co-operation in green and low-carbon development, according to the meeting’s agenda.

China’s economy is on track to miss its annual growth target of 5 per cent, as it grapples with the protracted fallout of its property market collapse, a rapidly ageing population, and floundering consumer confidence, which has put it on the precipice of a deflation spiral.

Until now, Xi has largely ignored calls by economists, both within and outside China, to undertake a large-scale stimulus program aimed at injecting life into the property sector and getting consumers to splash cash in the economy.

“It is necessary to look at the current economic situation comprehensively, objectively and calmly,” the readout said. “Face up to difficulties, strengthen confidence, and effectively enhance the sense of responsibility and urgency to do a good job in economic work.”

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Faced with another set of bleak economic figures in August - including new home prices falling at the fastest pace in 9 years, and a youth unemployment rate of 18.8 per cent, a new high this year – China’s central bank this week unveiled its most aggressive package of stimulus measures since the pandemic.

They included lowering borrowing costs, allowing banks to increase their lending, and slashing interest rates on existing mortgages. But many economists have already concluded the moves are too little too late, and a much larger fiscal rescue package is needed to turbocharge consumer confidence.

With Bloomberg