China ADRs and ETFs dropped in premarket trading on Friday as authorities again left investors guessing on the specifics of a fiscal stimulus even as their key policy meeting vowed to boost consumption.

XPeng, YINN fell 4%; Li Auto fell 3%; JD.com, Nio fell 2%; PDD Holdings fell 1.5%; Alibaba fell 1%.

At the two-day gathering, top officials largely repeated the language used after a Politburo meeting earlier this week, pledging to use looser monetary tools, raise the deficit ratio and stabilise home prices in 2025. Traders viewed the readout as devoid of concrete details about what stimulus measures the government would take to revive growth next year.

“Long-term sustainability hinges on policy details and execution,” said Laura Wang, a strategist at Morgan Stanley in Hong Kong. “We advise investors to exercise caution until clarity emerges on policy follow-through and to monitor the following potential developments and signposts [including earnings forecast cuts, the yuan’s depreciation and the China-US tension.]”