China-focused exchange-traded funds (ETFs) and stocks of Chinese companies listed on U.S. exchanges fell Friday, after Beiing’s latest stimulus package aimed at boosting the country's 澳洲幸运5官方开奖结果体彩网:sluggish economy disappointed investors.

China Friday reportedly announced a five-year package totaling 10 trillion yuan ($1.4 trillion) to tackle mounting debt levels at its local governments. Beijing has approved a plan to allow local governments to sell bonds to swap out their debt, The Wall Street Journal reported, but stopped sh🧸ort of broader fiscal support. The report said investors had been eagerly anticipating a bigger stimulus ꧅by Beijing after Donald Trump, who has said he would impose higher tariffs on Chinese imports, was elected U.S. president this week.

Not the Stimulus Markets Anticipated, Say𝐆 Analysts

“This is not the stimulus that markets were looking for at all,” Shehzad Qazi, managing director at the China Beige Book, a U.S.-based research firm, said in an interview on CNBC. “This is not stimulus to begin with. What they’re doing is recycling debt. I don't think this does anything to stimulate growth.”

The iShares MSCI China ETF (MCHI) and the iShares China Large-Cap ETF (FXI) both fell around 6% Friday.

U.S. traded shares of Chinese conglomerate Alibaba Group Holding (BABA), online marketplace JD.com (JD) and Temu parent PDD Holdings (PDD) all dropped between 5% and 7%.

Chinese electric vehicle (EV) makers Nio (NIO) and Li Auto (LI) also lost ground, declining between 5% and 7%.

UPDATE—Nov. 8, 2024: This article has been updated to include fresh stock prices.