China’s stocks benchmark dropped the most in four weeks, as a top-level meeting by the Communist Party signalled that policymakers will pare the package aimed at bolstering economic growth. The Shanghai Composite Index retreated 1.7 per cent, or 55.76 points, to 3,215.04. Other major equity gauges dropped as well, with a measure of the 50 biggest companies on the Shanghai exchange shedding 2.4 per cent as the worst performer. Hong Kong’s market was closed for holidays and will reopen on Tuesday. China’s sovereign debts also fell, with the yield on the 10-year government bonds rising 3.3 basis points to 3.405 per cent. A Politburo meeting chaired on Friday by Communist Party chief Xi Jinping re-mentioned “structural deleveraging,” a term that was dropped from major government statements a year ago, and reintroduced the lines on curbing speculation in the property market. The shift in wording came after official reports last week showed China’s economy grew by a faster-than-expected 6.4 per cent in the first quarter, close to the high end of the range of the annual growth target set by the government. China economy grows faster than expected in first quarter on strong industrial production China International Capital said policymakers were less concerned about growth stabilisation now, while Goldman Sachs argued top leaders turned less dovish in the policy tone and expressed concerns about potential asset bubbles after a spurt in credit growth. “That’s not say that the policies will be tightened or there will be a reversal of policies,” said Zhu Jianfang, an economist at Citic Securities. “But there’s a need to fine-tune the strength and the pace of the counter-cycle policies to prevent them from being too powerful.” Property developers led the pack of decliners, with a gauge of real-estate companies on the Shanghai Composite retreating 3.8 per cent. Among them, China Vanke slumped 6.3 per cent to 29.51 yuan, Gemdale lost 6.1 per cent to 12.29 yuan and Poly Developments and Holdings Group slid 5.6 per cent to 13.40 yuan. Is 5G the ‘next big thing’ for investors? Cement producers declined after Ccement.com reported that the government summoned six companies to a meeting on Wednesday to warn against monopoly practices in the industry. The six asked to attend include Anhui Conch Cement, China National Building Material Group and Tangshan Jidong Cement, it said. Anhui Conch dropped 4.4 per cent to 40.71 yuan, Jidong Cement tumbled 7.7 per cent to 17.17 yuan and Huaxin Cement lost 5.5 per cent to 2.28 yuan. Stocks Blog: Shanghai benchmark suffers worst fall in four weeks Companies that own futures companies bucked the declines across the board after the China Financial Futures Exchange unveiled a raft of measures to further loosen restrictions on trading index futures. Jiangsu Holly added 2 per cent to 10.23 yuan and China CIFCO Investment rose 0.2 per cent to 19 yuan. The margin requirement for futures contracts on the CSI 500 Index would be lowered to 12 per cent from 15 per cent starting Monday and the maximum daily number of contracts that can be trade for non-hedging purposes would be raised to 500 from 50, the bourse said in a statement on its website. The commission fees for intraday position-closing would also be cut, it said.