Chinese stocks are headed for the best week since 2008 as Beijing rolled out a huge stimulus package to revive the economy, lifting Asian shares to 2-1/2-year highs, while a sharp fall in oil prices bodes well for disinflation globally.

Chinese markets clocked their best week in almost 16 years as the mainland’s CSI 300 rallied 15.7% this week, buoyed by several economic stimulus measures by the central bank.

Chinese equities are on track for their best week since 2008 after Beijing launched an economic stimulus package including a $114bn war chest to boost the stock market. The CSI 300 index of Shanghai- and Shenzhen-listed companies is up 14.