China’s ruling Politburo loosened the country’s overall monetary policy on Monday for the first time in 14 years, the latest in a series of measures aimed at recharging economic growth and stopping a broad decline in prices.

In a statement, the Politburo said that it would embrace a “moderately loose” policy, shifting away from a longstanding “prudent” stance — a signal that the country’s central bank will be more willing to reduce interest rates in the coming year. It also means the central bank may be more open to commercial banks holding smaller reserves while extending more and larger loans.

The Politburo also called for a more proactive fiscal policy, which means that the government will be more willing to increase its own spending. It further suggested that the government would “strengthen extraordinary countercyclical measures,” an indication that the authorities may plan further steps to halt the erosion in economic growth rates.

The Politburo said that it was approving several measures at the same time in order to deliver a policy “combination punch” to address China’s economic challenges.

Taken together, the steps announced on Monday amounted to a rare public acknowledgment that Beijing needed to a take a stronger hand in addressing the country’s economic weakness.

The Politburo’s announcements came ahead of the annual Central Economic Work Conference on Wednesday and Thursday, when the Chinese Communist Party and the cabinet set the country’s economic agenda for the upcoming year.