Beijing will cut the reserve requirement ratio by no more than 25–50 basis points before October, but will not launch a nationwide cash-handout or consumption-voucher scheme in 2026.

Premier Li Qiang's admission of weak demand revived expectations on a 2008- or 2015-style "bazooka" by the Chinese government. In reality, his remarks doubled down on existing levers — infrastructure investment and "stabilising external demand" — confirming Beijing still prioritises supply-side capacity and export competitiveness over direct consumer transfers.