Source: Sharecast
Instead, China's National People's Congress unveiled a $1.4trn debt swap to help local governments refinance hidden debt.
Some economists believed that Chinese officials were waiting for the new US administration to actually move on trade tariffs before acting.
Talk in markets was of a possible 60% levy on China's exports to the US, which would hit bilateral trade very hard.
The Shanghai Stock Exchange's Composite Index ended down by 0.53% at 3,452.30, alongside a 1.07% decline on the Hang Seng to 20,728.19.
In parallel, the Greenback added 0.42% against the yuan to hit 7.1721.
Japan's Nikkei-225 fared better, edging up 0.3% to 39,500.37.
Stock benchmarks in Australia, New Zealand and Taiwan were up as well, but South Korea's Kospi index dipped 0.14% to 2,561.15.
"Will [Donald Trump] soften his stance or bring back his hardline “America First” agenda? That remains to be seen, but one thing’s certain—China won't be throwing around cash unless there's a clear endgame in sight," said Stephen Innes. managing partner at SPI Asset Management.
"At this point, the economic light at the end of the tunnel is starting to look suspiciously like an oncoming train rather than an exit."