China's Shanghai Composite index tumbled 2.53 percent to 3,201.29 as the size of Beijing's planned fiscal boost remained unclear.
Hong Kong's Hang Seng index plummeted 3.67 percent 20,318.79, dragged down by tech and real estate stocks.
Media reports stated that China may raise an additional 6 trillion yuan ($850 billion) from ultra-long special government bonds over three years to help bolster a sagging economy.
China's exports and imports figures are raising concerns about one of the few bright spots in the worlds second largest economy.
Exports rose by 2.4% in September from a year ago in U.S. dollar terms, while imports added 0.3%.
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