Chinese authorities have done it again, unveiling details of a $1.4 trillion financial package meant to support the world’s second-largest economy, only to leave investors underwhelmed. China will essentially restructure some of the debt weighing down local governments,

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 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.

China unveiled a 10 trillion yuan ($1.40 trillion) debt package on Friday to ease local government financing strains and stabilise flagging economic growth, as it faces fresh pressure from the re-election of Donald Trump as U.