China's Ministry of Finance is taking aim at local debt problems before tackling broader economic challenges

China's Ministry of Finance's weekend press briefing underscored how it is focused on addressing local government debt, even though some investors were anticipating fiscal stimulus.

"The press conference is consistent with our view that addressing local government financing struggles is a priority," Robin Xing, chief China economist at Morgan Stanley, and his team said in a report Sunday. They also expect that the central government will play a larger role in debt restructuring and housing market stabilization.

"Whether it's 2 trillion or 10 trillion, for us, it actually doesn't make so much of a difference," Vikas Pershad, fund manager at M&G Investments, said Monday on CNBC's"but he said Monday that the latest flurry of activity from the region hasn't made him any more active in the sector.

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