Chinese blue chips suffer worst day since July 24

China stocks fell the most in more than seven months on Monday, as a lower-than-expected 2021 economic growth target from Beijing sparked concerns that Chinese officials could tighten policy to rein in lofty valuations, Reuters reports.

The blue-chip CSI300 index fell by 3.5 percent to 5,080.02, posting its worst day since July 24, 2020. The Shanghai Composite Index lost 2.3 percent at 3,421.41.

Leading the declines, the CSI300 consumer staples index and the CSI300 healthcare index slumped 5.7 percent and 6.4 percent, respectively, while the CSI new energy index dropped by 5.3 percent.