China has approved issuing 1 trillion yuan ($139 billion) in new bonds, marking its first budget revision in years as it looks to boost confidence amid tepid signs of an economic recovery.

The announcement late Tuesday from the National People’s Congress Standing Committee, China’s top legislative body, came after President Xi Jinping paid his first known visit to the central bank during a decadelong tenure, Bloomberg News reported, reflecting the leadership’s urgency in stabilizing growth.

The fiscal adjustment widens China’s budget deficit target for 2023 to 3.8% of gross domestic product from 3%.

Source: Nikkei Asia