The Chinese state planner announces additional measures to support the economy, but does not reveal any new plans for significant stimulus.

• During a highly-anticipated press conference, Zheng Shanjie, chairman of China's National Development and Reform Commission, vowed to implement a series of measures to strengthen the country's economy.
• He refrained from unveiling any significant new stimulus plans, disappointing investors and halting a prolonged rally.

On Tuesday, Zheng Shanjie, chairman of China's National Development and Reform Commission, announced a series of measures to support the country's economy at a highly-anticipated press conference.

He refrained from unveiling any significant stimulus measures, disappointing investors and dampening the rally in the Chinese stock market.

The senior NDRC official stated that China will accelerate the issuance of special purpose bonds to local governments in order to boost regional economic growth.

Zheng announced that 1 trillion yuan in ultra-long special sovereign bonds have been used to finance local projects, and he pledged that China will continue to issue ultra-long special treasury bonds in the next year.

A senior official announced that the central government will release a 100 billion yuan investment plan for next year earlier than expected, by the end of this month.

Zheng pledged to implement additional measures to support the property market and increase domestic spending.

The NDRC head and four other key officials from the country's economic planning agency held a press briefing, discussing the markets in mainland China that had just returned from Golden Week, a weeklong holiday that began on Sept. 30.

On Tuesday morning, Chinese stocks opened sharply higher, continuing the upward trend before the holiday. The Shanghai Composite Index, CSI 300 blue-chip index, and SZSE Component Index all surged more than 10% in early trading.

The Chinese government is facing a long and painful economic downturn that threatens its ability to achieve an annual growth target of "around 5%," as indicated by its top leaders last month.

Chinese authorities announced a series of stimulus measures to halt the decline in property prices prior to the holiday, and urged stronger fiscal and monetary policy support at a meeting of top Communist Party officials.

The stimulus blitz was triggered by a slowdown in growth in the world's second largest economy, which was caused by weak domestic demand and a prolonged property market slump.

Despite missing expectations in the April-June quarter, China's economy grew by 4.7% in the second half of the year, meeting the central government's target.

In August, China's consumer price index increased by 0.6% year on year, falling short of the predicted 0.7%, while the core-CPI, which excludes food and energy prices, rose by 0.3%, marking a slower increase for the second consecutive month.

In September, China's factory activity contracted for the fifth consecutive month, with the official PMI coming in at 49.8. This indicates a contraction in activity, as a PMI reading below 50 points to contraction.

In the same period, the Caixin PMI contracted by 14 months, with declining demand and a weakening labor market being the driving factors.

Zheng stated at a high-level press conference in March that China will continue to enhance its macroeconomic policies through coordination of fiscal, monetary, employment, industrial, and regional policies, as the country continues to make macroeconomic policy adjustments.

The NDRC chief acknowledged that there are still difficulties and problems in achieving the country's growth targets, according to CNBC's translation of his remarks.

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