In a show of support, China's officials promised to provide fiscal assistance for the second-biggest economy in the world, coming just days after the central bank revealed the strongest monetary intervention since the Depression.

President Xi Jinping's politburo promised to "issue and use" government bonds in order to effectively fulfil "the driving role of government investment." Analysts have cautioned that China may fall short of this year's stated economic growth target.

The proposed fiscal stimulus and whether it will surpass current projections for long-term central government and local government issuance this year were not specified in state media reporting of the meeting.

According to state news agency Xinhua, officials stated, "We should increase the intensity of countercyclical adjustment of fiscal and monetary policies."

In addition, for the first time since the global financial crisis in 2008, China is thinking of giving its largest state banks a capital infusion of up to $142 billion. As per Bloomberg reports.

(Sources: reuters.com, bloomberg.com)