Vice Minister Wang Dongwei said the ministry will complete the task of issuing 1 trillion yuan of special sovereign bonds this year on time.

That’s a bit of a let-down for investors who expected officials to unveil the value of additional special sovereign bonds at the presser.

On steps to help big state banks to replenish their capital, Vice Finance Minister Liao Min said the ministry is waiting for the lenders to submit their specific plans, and that work is progressing. Banks that are listed in the stock market will disclose relevant information in accordance with rules.

Responding to the last question, Minister Lan Fo'an said the government will introduce a batch of substantive reform measures in the coming one to two years, and changes would be made to improve things including the budget system and the system for central government transfers to localities.

One big missing piece from the press briefing is details on just how much the central government will be willing to help.
So far, the measures are still about pushing local governments to do more -- to issue more bonds to pay for hidden debt and to buy up unsold homes. But we’ve seen that local officials have been reluctant to participate in the home purchase program, because they worry that home prices could fall further and there’s no lucrative return in this.

The key positives from this conference are allowing local government to use special Local Government Bonds proceeds to buy unsold homes, and raising LGB quota.
Words like relatively large amount or relatively large room, however, may keep the market waiting for the exact numbers.
On balance, the market is unlikely to get excited.