A first-quarter survey by the China Beige Book released Thursday found that borrowing by state-owned enterprises dropped to the lowest in the study’s roughly 10-year history. Overall borrowing fell to its lowest in three years, while that of large firms hit a five-year low, the report said.

Given ties to the state, the government-linked companies are the “best signal” on authorities’ policy intent, China Beige Book Managing Director Shehzad Qazi said in a note. The company conducts quarterly surveys of businesses in China.

Economists note China’s relatively low GDP target of over 6% this year gives policymakers the ability to address problems such as high debt levels, without needing to worry too much about growth. Prior to the coronavirus pandemic last year, China had attempted to curb that debt growth with mixed results.