Equities decline most in five weeks

China's stocks fell the most in five weeks, dragging the benchmark index from a 10-week high, as lower commodity prices spurred losses among materials producers and concern grew that the government will curb stimulus measures.

The Shanghai Composite Index slid 88.11, or 2.83 percent, to 3,021.46 at close, the most since Sept 18. The index has rallied 66 percent this year as stimulus spending and record loans helped the nation's economy rebound from the deepest slump in almost a decade. The CSI 300 Index, tracking equities on Shanghai and Shenzhen exchanges, lost 2.91 percent to 3,314.72.

"We're cautious on the market as valuations are quite high," said Wang Weijun, Shanghai-based strategist at Zheshang Securities Co. "The government will likely rein in stimulus and reserve some ammunition once it sees the economy is back on track."