Lian Ping, chief economist of Guangcai Chief Industry Research Institute and chairman of the China Chief Economists Forum, stated that a decrease of about 1 percentage point in the reserve requirement ratio is expected in 2025, with interest rate cuts likely staying between 40 to 50 basis points. Lian Ping mentioned that the central bank is expected to comprehensively use various total quantity tools, including open market operations and purchasing government bonds to release liquidity, ensuring ample liquidity to meet the substantial demand for government bond issuance, as well as the expected funding needs for consumer recovery and investment expansion. GTJA assesses that there is still a possibility of a reserve requirement ratio reduction in January, primarily considering the increased cash demand before the Spring Festival, low government expenditures in January, and the remittance of reserve requirements.