Tokyo | Xi Jinping’s government is preparing to stimulate consumer spending and prop up the property sector to boost the faltering economy under policies which will underpin commodity prices and benefit Australian exporters, economists and business chiefs say.

Prices of key Australian commodity exports recovered on Wednesday from recent losses, after China’s central bank lowered a key lending rate for the first time in 10 months. The move was seen as the first step in Beijing’s long-awaited stimulus phase and economists expect further rate cuts as early as later this week.