STORY: Chinese stocks just posted their best week in 16 years.

The blue chip CSI300 index saw a rise of over 4%, for a weekly gain of close to 16%

And it was a similar story in Hong Kong, where the benchmark Hang Seng index jumped over 12% on the week.

It all came after Beijing rolled out its most aggressive stimulus package since the pandemic.

The moves had been flagged earlier in the week by central bank governor Pan Gongsheng.

They include cuts to key interest rates, and extra help for mortgage borrowers.

There was also a cut to the amount of money banks have to set aside as reserves, which should free up cash for extra lending.

One Barclays analyst said it all signalled that authorities know they have to act, if China is to hit this year's growth target of about 5%.

An economist at Japanese bank Nomura said it showed Beijing was finally getting out its stimulus "bazooka".

Fiscal support is also coming, with Reuters reporting government plans to issue some $284 billion in new bonds.

Property shares were among Friday's big gainers, rising around 8%.

The market has been weighed down by massive debts at developers, and a glut of unwanted homes.

Later in the day, the sector got another lift after Reuters reported that big cities Shanghai and Shenzhen would remove all remaining curbs on home sales.

There were gains too for consumer-related shares, on bets shoppers might feel encouraged to spend more.

That saw e-commerce giant JD.com close around 9% higher.