Chinese stocks listed onshore slumped at the open amid skepticism about Beijing’s stimulus plans and signs of weakness in holiday-spending data.

The benchmark CSI 300 Index dropped as much as 5.1% in early trading, set for its first loss in 11 days. A gauge of Chinese companies listed in the US had slid 6.9% Tuesday with travel and consumption related shares leading declines. The Hang Seng China Enterprises Index of Hong Kong-listed shares rose 1.3% after the gauge slid 10% Tuesday.

Enthusiasm over China’s stimulus-driven rally is cooling after the lack of any further major initiatives at a key policy meeting Tuesday disappointed investors. A growing number of strategists and fund mangers have in recent days expressed skepticism about the rally, saying Beijing needs to back up its spending pledges with real money. Some are also concerned that many stocks have already reached overvalued levels.

Spending patterns during the Golden Week holiday suggest Chinese consumer sentiment remain muted despite signs of stabilizing after a barrage of stimulus unveiled by the government in recent weeks.

Chinese tourists spent less during the week-long holiday that ended Monday than before the pandemic. While travelers made 10.2% more trips during the Golden Week break than in 2019, spending only increased by 7.9%, according to data released by Ministry of Culture and Tourism. That means per-trip expenditure dropped 2.1% from five years earlier, according to Bloomberg calculations based on the ministry’s figures.