China plans to issue around 2.3 trillion yuan for new economic stimulus package, the largest financing since the subprime crisis.

The strategy is part of a plan by that country to significantly boost the issuance of government debt to revive growth.

China will issue special sovereign bonds worth 2.3 trillion yuan, about 284.43 billion dollars, this year as part of a new fiscal stimulus, based on a considerable increase in its issuance of public debt, in order to support regional governments, low-income citizens, the real estate market and state-owned banks.

According to an official source, the measure seeks to alleviate deflationary pressures and increase consumption, amid the severe crisis affecting the country's real estate market.

Finance Minister Lan Foan said the move will help local governments solve their debt problems, provide subsidies to low-income people, support the property market and replenish capital for state-owned banks, among other measures. 

The country is accelerating the use of additional treasury bonds and special ultra-long-term bonds that are also being issued, and there will be more countercyclical measures later this year, and there is still relatively large room for China to issue debt, he added. 

All these moves are in line with what investors have been advocating for China. The world's second-largest economy is struggling to overcome deflationary pressures and boost consumer confidence amid a sharp slump in the property market. 

The world's second-largest economy is facing major deflationary pressures due to a sharp slowdown in the property market and falling consumer confidence.