SHENZHEN/BEIJING – Chinese officials on Nov 8 unveiled the country’s largest effort in recent years to address hidden local government debt, a longstanding drag on economic growth, but disappointed investors looking for a big fiscal stimulus package to directly boost the tepid economy.

China gave indebted local governments a 10 trillion yuan ($1.4 trillion) lifeline but stopped short of unleashing new stimulus, preserving room to respond to a potential trade war when Donald Trump takes office next year.

The outlook is grim for the world’s second largest economy, with growth slowing and the prospect of a new trade war following Donald Trump’s electoral victory.

China has approved a six trillion yuan ($837 billion) plan to bolster its ailing economy by allowing local governments to swap out their hidden debt, unveiling additional stimulus measures to counter a potentially volatile growth path marked by the impending return of Donald Trump to the White House.

China unveiled a 10 trillion yuan ($1.4 trillion) program to help resolve its local government debt crisis, as authorities moved to shore up a slowing economy facing fresh risks from the reelection of Donald Trump.

China on Friday unveiled some of its most ambitious plans in years to lift local government debt and boost its economy, following a meeting of lawmakers eyeing the possibility of

Some details about what Beijing intends to do are expected from this week’s meeting of the National People’s Congress Standing Committee.