China’s Premier Li Keqiang said Monday the government will study the possibility of further cutting banks’ reserve requirement ratios (RRRs), among other measures, to lower borrowing costs for small businesses. The announcement is being seen as a signal of easing monetary policy in the coming year.

The government will continue to take measures, such as overall and targeted RRR cuts, relending and rediscount, in a bid to lower real interest rates and financing costs for businesses, he said during a visit to the southwestern province of Sichuan, according to the State Council website. Relending and rediscount are both monetary tools the central bank uses to inject funds into banks.

As many are predicting China’s GDP growth could dip to 6% or even lower in 2020, debate over monetary and fiscal policies has flared. Yu Yongding, an influential economist and former People’s Bank of China adviser, has called for greater monetary stimulus and government spending to shore up the flagging economy. But some other economists doubt the effectiveness of such stimulus and have warned about associated risks.

This year, China’s central bank lowered all banks’ RRRs by a total of 150 basis points, releasing a net 1.6 trillion yuan ($228.2 billion) into the financial system. However, its GDP growth hit a nearly 30-year low in the third quarter amid sluggish domestic and global demand, as well as suffering from the Sino-U.S. trade war.

Read the full story on Caixin Global later today.

Contact reporter Guo Yingzhe (yingzheguo@caixin.com)

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