At close of trade, the benchmark Shanghai Composite Index declined 0.53%, or 19.56 points, to 3,661.53. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.14%, or 3.66 points, to 2,558.25. The blue-chip CSI300 index was down 0.67%, or 34.10 points, to 5,049.70.
Major Chinese manufacturing province Zhejiang is also fighting its first Covid-19 cluster this year, with tens of thousands of citizens in quarantine and virus-hit areas suspending business operations amid attempts to contain a COVID-19 outbreak.
China securities regulator said on Monday it would properly resolve bond default risks and crack down on "fake financial exchanges" after holding a meeting to discuss instructions from last week's Central Economic Work Conference.
Tech shares came under pressure after China's cyberspace regulator said on Monday it had fined Weibo, the operator of social media platform Sina, 3 million yuan for what it said was repeated publishing and transmission of illegal information.
CURRENCY NEWS: China's yuan was up against the U.S. dollar on Tuesday despite tad softer mid-point fixing by the central bank, on sustained year-end corporate demand. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3675 per dollar, 6 pips weaker than the previous fix of 6.3669. In the spot market, the onshore yuan CNY=CFXS was changing hands at 6.3655 at midday, 25 pips firmer than the previous close.
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