Japanese Prime Minister Shinzo Abe unveiled an ambitious package of economic reforms Tuesday aimed at revitalizing corporate earning power and setting in motion structural changes to try to put the nation back on a clear growth path.

It was the second attempt by him to convince domestic and foreign investors that he has the will, ideas and political clout to carry out painful changes so Japan can withstand global competition and demographic challenges.

“We will break through whatever barriers there are to unlock the potential that the Japanese economy has,” Mr. Abe said at a news conference. “Implementation of the growth strategy is the key to success.”

CCTV’s Terrence Terashima has more from Tokyo.

Japan announces new wave of labor reforms

Restoring Japan's global competitiveness is the goal of the plan unveiled Tuesday by Japanese Prime Minister Shinzo Abe. The first arrows of economic revival, known as Abenomics, were fiscal stimulus and monetary easing. Now the focus is on growth. CCTV's Terrence Terashima has more from Tokyo.