Chinese stocks started Monday by surging after authorities took a raft of steps to bring investors back to one of the world’s worst-performing equity markets. But most of the gains were gone by the end of the session, with foreign funds extending what’s set to be a record outflow this month.

The price action illustrated once again how China’s efforts to boost its markets are struggling in the face of economic worries. Data Sunday showed industrial profits slid 6.7% in July from a year ago, adding to signs that the recovery lost further momentum. While calls for broad stimulus are mounting, authorities have held back given their determination to shift away from the debt-fueled growth model.

Opening with a 5.5% pop in response to weekend measures that included the first cut in stamp duty since 2008 as well as curbs on share sales by major stakeholders, the CSI 300 Index of onshore Chinese stocks finished just 1.2% higher.

“The measures over the past weekend are not enough to stem the downward spiral” and their impact will be short lived if not followed by measures for supporting the real economy, Ting Lu, chief China economist at Nomura Holdings Inc., wrote in a note. “Without additional and more aggressive policy stimulus, these stock-markets-focused policies alone have little sustainable positive impact.”

Echoing similar views, Neo Wang, Evercore ISI’s New York-based managing director for China Research, said that a turnaround in the A-share market would not happen unless Beijing adopts more “bazooka” measures, such as the 4-trillion yuan ($548 billion) stimulus package it rolled out in 2008.

Beijing’s efforts to revive investor confidence suggest the slump in Chinese equities has reached a level that policymakers can no longer turn a blind eye to. As households suffer from a shrinking wealth effect from China’s property crisis, invigorating capital markets has become even more crucial.

Other measures announced Sunday included a cut in deposit ratios for margin financing as well as a pledge by the China Securities Regulatory Commission to slow the pace of initial public offerings. The raft of changes this time are expected to bring the equivalent of 750 billion yuan of new funds into the market per year, according to estimates from Huatai Securities.

Equity traders had been expecting more forceful steps after recent efforts by authorities failed to arrest the market’s slide. Stock exchanges asked some mutual funds to avoid selling equities on a net basis, Bloomberg News reported late on Monday, citing people who asked not to be identified discussing private information.

“The open today was a bit too strong, and that level of hype understandably leads to some people walking away from the table,” said Lin Menghan, a fund manager at Shanghai Xiejie Asset Management Co. “The measures overall addressed the issues of outflow and dilution of funds in the market, rather than where the fresh liquidity will come from.”

The Hang Seng China Enterprises Index surged as much as 4.1% before ending the day 1.2% higher. While the gains helped pare its losses for August to under 10%, the gauge of Chinese shares listed in Hong Kong is still one of the world’s worst performers among more than 90 equity gauges tracked by Bloomberg. The CSI 300 is down 6.5% this month.