China to slash banks' RRRs, taxes and fees, says Premier Li Keqiang

China will cut banks' reserve requirement ratios (RRRs), taxes and fees, Premier Li Keqiang said on Friday, as the world's second-largest economy slows. The measures will also included targeted RRR cuts aimed at supporting small and private companies, Li was quoted as saying in a statement on the website of the Chinese government. China will also step up "countercyclical adjustments" of macro policies and further cut taxes and fees, Li said.

Li made the statement at a meeting with officials of the country's banking and insurance regulator after visiting Bank of China, Industrial and Commercial Bank of China and China Construction Bank. Also present were Vice Premier Liu He and Xiao Jie, secretary-general of the cabinet, or the State Council. China cut reserve ratios four times last year and further reductions had been widely expected in 2019.

(With inputs from agencies.)