The Chinese government has offered $7 billion in new stimulus packages to boost domestic demand and stimulate exports.
The stimulus packages come a day after the U.S. Federal Reserve announced it will hike interest rates by another 1.25 percent.
The Chinese government is also giving incentives for consumers to use its state-owned companies to buy more goods.
The latest package will be the first in a series of four that will include government-owned enterprises.
The package includes a boost for local businesses and an increase in the minimum wage.
The government also announced that it will provide the first installment of the first $7.5 billion of the stimulus package to the construction sector, which will help spur economic growth.
The government is encouraging companies to spend on upgrading and modernizing their infrastructure and to create jobs.
The package also includes a package for the construction and public works sector, aimed at bolstering the country’s growth.
It’s not clear how much the new stimulus will affect the price of imported goods.
The latest U.N. price index, the WTI, has surged to a five-month high in early August after a decline in December.