China stocks fell Friday after Chinese authorities unveiled additional measures to shore up its economy that largely disappointed investors.

China stocks' American depositary receipts, or ADRs, fell in morning trading Friday after the news.

E-commerce giants Alibaba and JD.com fell 4.4% and 4%, respectively. Electric vehicle makers NIO and LI dropped 4%. Chinese ETFs tumbled with YINN down 13% and CHAU down 10%.

The market reaction suggests the market had been hoping for more sweeping measures, potentially including capital injections into banks to nudge them to lend more.

Instead, investors had to settle with a $1.4 trillion, or about 10 trillion yuan, debt swap to rescue debt-laden local governments which will now see their debt ceiling raised by $860 billion, with the option to tap another $560 billion in new local bond quota.