China's disappointing post-COVID recovery has raised doubts about the foundations of its economic model and stoked expectations policymakers will need to consider reforms, as consumers hold off spending, foreign firms divest, manufacturers struggle for buyers, and local governments contend with huge debt burdens. Policymakers have pledged to roll out further measures to help shore up growth after the measures implemented since June had only a modest effect, but analysts caution Beijing's fiscal capacity is now very limited. To prop up faltering growth, the People's Bank of China cut the reserve requirement ratio (RRR) for banks by 50 basis points on Feb. 5, the biggest in two years, releasing 1 trillion yuan ($139.0 billion) in long-term liquidity.