Well, they're wasting no time:
"The PBOC said on its website it will cut banks’ reserve requirement ratio (RRR) by 50 basis points, effective Jan. 6.
The PBOC has now cut RRR 8 times since early 2018 to free up funds for banks." ReutersThe fundamental, and potentially huge, problem is that China has a debt bubble of its own that, alas, they seem willing to further inflate as they attempt to keep their economic train on the tracks. As history has proven, this'll of course make for a bigger mess when it ultimately (who knows when?) derails.