China-focused exchange-traded funds (ETFs) and stocks of Chinese companies listed on U.S. exchanges are falling in premarket trading Friday, after Beiing’s latest stimulus package aimed at boosting the country's sluggish economy disappointed investors.

China Friday reportedly announced a five-year package totaling 10 trillion yuan ($1.4 trillion) to tackle mounting debt levels at its local governments. Beijing has approved a plan to allow local governments to sell bonds to swap out their debt, The Wall Street Journal reported, but stopped short of broader fiscal support. The report said investors had been eagerly anticipating a bigger stimulus by Beijing after Donald Trump, who has said he would impose higher tariffs on Chinese imports, was elected U.S. president this week.

Not the Stimulus Markets Anticipated, Say Analysts

“This is not the stimulus that markets were looking for at all,” Shehzad Qazi, managing director at the China Beige Book, a U.S.-based research firm, said in an interview on CNBC. “This is not stimulus to begin with. What they’re doing is recycling debt. I don't think this does anything to stimulate growth.”

The iShares MSCI China ETF (MCHI) and the iShares China Large-Cap ETF (FXI) are both falling around 5%.

U.S. traded shares of Chinese conglomerate Alibaba Group Holding (BABA), online marketplace JD.com (JD) and Temu parent PDD Holdings (PDD) are all falling between 3% and 5% in premarket trading.

Chinese electric vehicle (EV) makers XPeng (XPEV), Nio (NIO) and Li Auto (LI) also all lost ground, dropping between 2% and 5% Friday.