(Bloomberg) — Chinese stock investors are turning their attention to a raft of upcoming earnings after a closely watched consumption-focused press conference failed to provide fresh catalysts for the market.

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An index of Chinese shares listed in Hong Kong largely held its gain and ended up 0.6% on Monday as the briefing — where officials were expected to announce details about efforts to revive consumption — brought little cheer. The onshore benchmark CSI 300 Index finished 0.2% lower before the conference began. Both gauges had rallied more than 2% on Friday in anticipation of more policy support.

China’s central bank is studying plans to create new structural monetary policy tools to increase low-cost financial support for key consumption areas, an official said at the briefing. Consumer confidence and demand remain weak, Li Chunlin, deputy chief of the National Development and Reform Commission noted.

“Officials are talking about spending more while putting little emphasis on how to improve income levels, which may limit the effectiveness” of measures aimed at boosting consumption, said Shen Meng, a director at Beijing-based investment bank Chanson & Co.

Chinese stocks have outperformed global markets this year, in part due to a rally in technology shares driven by the DeepSeek artificial-intelligence model. They have also been helped by optimism over policy stimulus after the government set an annual economic growth target of about 5% at this month’s gathering of the National People’s Congress.

The MSCI China Index has climbed about 20% in 2025, while the S&P 500 Index has dropped around 4%.

Investors also largely shrugged off a raft of economic data published Monday, even as it showed some signs of green shoots. Retail sales and industrial output both rose more than economists forecast, while the jobless rate climbed from the end of last year.

What Bloomberg Economics says:

“China’s action plan to revive consumption follows up on a pledge to deliver stronger steps to lift demand — and it’s a good start. The government is addressing critical choke points, with key initiatives aimed at stabilizing incomes and alleviating burdens for child, medical and elderly care. To be sure, the plan is still skeletal. And consumption-related measures outlined in early March at the National People’s Congress were modest.”