Shares of JD.com, one of China's leading e-commerce companies, plummeted by 6.16% on Monday, caught in a broader selloff of Chinese stocks listed on U.S. exchanges. The steep decline was triggered by disappointing announcements from China's finance ministry regarding its plans for fiscal stimulus, leaving investors seeking more concrete details.

Over the weekend, the finance ministry stated its intention to increase borrowing, but failed to provide specific figures or timelines. This lack of clarity fueled uncertainty in the markets, frustrating investors who were anticipating a more comprehensive stimulus package. According to Caixin Global, China may raise an additional 6 trillion yuan ($850 billion) over three years to fund economic stimulus efforts, but the ambiguity surrounding the plans has dampened investor confidence.

Adding to the negative sentiment, a Reuters poll suggests that China's economy is likely to expand by 4.8% in 2024, missing the government's target. This projected shortfall in economic growth has further exacerbated concerns, leading to a selloff across various sectors, including e-commerce, electric vehicles, and technology. The decline in JD.com's stock price reflects the broader skepticism surrounding China's ability to revive its economic growth and the effectiveness of its proposed stimulus measures.