The government has fired up investors by encouraging banks to lend more to buyers of stock and real estate, but officials refrained on Tuesday from promising more stimulus.

China's stock markets roared back from a week-long break to reach their highest levels in more than two years at the open, before paring gains after officials failed to inspire confidence in stimulus plans intended to revive the economy.

A rally in onshore Chinese stocks on their return from a week-long holiday cooled as traders questioned Beijing’s resolve to add more stimulus. Shares in Hong Kong tumbled.