China will not see any major government stimulus in the near future, a report published by the state-run media agency Xinhua said Wednesday, news that sent tremors through Chinese stock markets.

Xinhua confirmed statements made earlier in the week by an official withthe National Development and Reform Commission. The Beijing government is trying to control 10.7 trillion yuan ($1.7 trillion) of municipal debt. The Chinese economy is set to grow 8.2 percent this year, still robust despite representing the lowest level of growth since 1999, according to Reuters.

The Shanghai Composite Index closed down a quarter of a percent at 2,383.34 on Wednesday. Five stocks fell for every four that rose on the index, according to Bloomberg News.