The billionaire owner of French luxury powerhouse LVMH has seen his wealth inflate by $17 billion dollars in just one day, after China announced fresh moves to restore economic growth that some call the long-awaited “bazookas” needed to revive confidence.

China's fresh stimulus measures went into effect on Friday, in line with central bank governor Pan Gongsheng's comments earlier this week

China on Friday opened up over a hundred billion dollars in cash for its ailing economy, capping a week in which its leadership embark on one of their biggest drives in years to kickstart growth.

For months, President Xi Jinping appeared unfazed by slowing growth as stocks sank, prices fell and discontent grew around China. This week showed he’s not willing to tolerate any more pain.

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.

CNBC's Eunice Yoon joins 'Squawk on the Street' to report on China's rally this week on Beijing's stimulus measures.

Chinese stocks surged on Friday, on track to close their best week since the 2008 global financial crisis, driven by optimism over new government stimulus measures. The CSI 300 Index, a key benchmark for China’s largest companies,