China will “significantly increase” government debt to provide subsidies to people with low incomes, replenish state bank capital and support the flagging property market as authorities strive to jumpstart China’s faltering economy.

Speaking at a press conference in Beijing on Saturday morning, Finance Minister Lan Fo’an said there was “more room” for the central government to issue additional debt and signalled there would be further “counter-cyclical measures” later this year. He did not provide specific figures.