(Bloomberg) -- China cut the amount of cash banks must keep in reserve Friday and lowered a key policy rate, as Beijing rolls out a strong stimulus package unveiled this week in a push to shore up the slowing economy and investor confidence.

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The People’s Bank of China’s 0.5 percentage point reduction to the reserve requirement ratio was announced earlier this week by central bank chief Pan Gongsheng, who didn’t provide a timeframe.

The cut is aimed at creating a “good monetary and financial environment” for the steady growth of the Chinese economy, the PBOC said in a statement.

The central bank also trimmed seven-day reverse repurchase rate to 1.5% from 1.7%, authorities said in a separate statement, confirming the timing for another move already revealed by Pan. Late Friday, the PBOC followed with a reduction to a clutch of interest rates considered the ceiling for borrowing costs — known as the standing lending facilities — by 20 basis points each.

The PBOC governor unleashed one of the country’s most daring policy campaigns in decades Tuesday, when Pan announced a blitz of easing measures during a rare televised press conference in Beijing. That came after a slew of Wall Street banks downgraded their forecasts for China’s annual growth to below the government’s around 5% target.

The Politburo, comprised of the ruling Communist Party’s 24 most-senior officials including President Xi Jinping, vowed to strengthen fiscal and monetary policies and pledged to “strive to achieve” the annual goal, according to a Thursday statement. They also committed to action to make the property sector “stop declining,” their strongest vow yet to stabilize the crucial industry.

The elite group called on officials across the nation of 1.4 billion people to “earnestly enhance the sense of responsibility and urgency of doing economic work well.”

The PBOC responded to that message hours later, posting a statement promising to “act immediately and go all out” to implement the additional policies.

The cut in the RRR will free up about 1 trillion yuan ($143 billion) in long-term liquidity for banks, Pan said previously. That will allow banks to lend more and buy government bonds issued to fund infrastructure spending. The weighted average RRR will drop to around 6.6% after the cut, the PBOC said.