At closing bell, the benchmark Shanghai Composite Index fell 1.09%, or 37.73 points, to 3,412.95, its biggest decline in more than two weeks. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 2.13%, or 47.69 points, to 2,188.89. The blue-chip CSI300 index declined 1.74%, or 87.59 points, to 4,947.75.

U.S. Secretary of State Antony Blinken said on Sunday the United States is concerned about China's aggressive actions against Taiwan and warned it would be a serious mistake for anyone to try to change the status quo in the Western Pacific by force.

China Tourism Group Duty Free dropped 2.1% to 295.39 yuan in Shanghai, while TCL Technology fell 4.6% to 8.92 yuan in Shenzhen, as five companies debuted on mainland bourses.

In Shanghai, Zhejiang Mustang Battery rose 44% to 25.37 yuan from its listing price of 17.62 yuan. Hangzhou Kelin Electric gained 68.4% to 56.30 yuan from its debut price of 33.44 yuan, while Guangdong Leary New Material Technology, which produces functional coating films, rose 85.7% to 17.66 yuan from its IPO price of 9.51 yuan.

In Shenzhen, Jiangsu Chinagreen Biological Technology, which develops edible mushroom products, rose 87.4% to 83.88 yuan from its listing price of 44.77 yuan. Ningbo Hengshuai, which manufactures automobile parts, soared 176.9% to 57.26 yuan from its debut price of 20.68 yuan.

ECONOMIC NEWS: Chinese banks extended 2.73 trillion yuan ($416.58 billion) in new yuan loans in March, up from February, according to the People's Bank of China data showed on Monday. For the first three months, the new yuan loans totaled 7.67 trillion yuan, an increase of 574 billion yuan year-on-year. The M2, a broad measure of money supply that covers cash in circulation and all deposits, rose by 9.4 percent year-on-year to 227.7 trillion yuan at the end of March.

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