At a meeting to set the party’s economic policy agenda, China’s leadership said it would borrow more and cut interest rates in a bid to bolster growth.

Last year, a chip breakthrough put Huawei on top of the Chinese smartphone market. Now it is rolling out its newest phone, the Mate 70 series.

The support package came after smaller measures were announced to jump-start growth. Economists said it was not big enough to address China’s sluggish economy.