China state planner lays out further actions to boost economy but no new plans for major stimulus [Video]

Zheng Shanjie, chairman of China’s National Development and Reform Commission, on Tuesday pledged a raft of actions to bolster the country’s economy during a highly-anticipated press conference.

But he stopped short of announcing any new major stimulus plans, underwhelming investors and weakening the rally in the mainland Chinese markets.

China will speed up special purpose bond issuance to local governments to support regional economic growth, the senior NDRC official said.

Zheng said ultra-long special sovereign bonds, totaling 1 trillion yuan, have been fully deployed to fund local projects, and he vowed that China will continue to issue ultra-long special treasury bonds next year.