BEIJING - China's stocks fell 2.78 percent on Sept 22 tracking declines in the Asian markets and heavy losses on Wall Street.

The benchmark Shanghai Composite Index fell 2.78 percent, or 69.91 points, to close at 2,443.06 points.

The Shenzhen Component Index dropped 3.01 percent, or 331.38 points, to finish at 10,660.47.

Losers outnumbered gainers by 917 to 48 in Shanghai, and by 1,360 to 89 in Shenzhen.

In Japan, the 225-issue Nikkei Stock Average closed down 2.07 percent. The Hang Seng Index tumbled 4.85 percent.

The retreats came after the US Federal Reserve on Sept 21 announced stimulus measures to buy $400 billion  of long-term bonds with maturities of six to 30 years through to June next year, while selling the same amount of Treasury notes that mature in three years or less in efforts to drive down long-term interest rates and give a boost to the sluggish economy.

After a regular meeting Sept 21, the Fed also revised down its economic outlook, saying that there are "significant downside risks to the economic outlook, including strains in global financial markets."

It also noted that US economic growth remains weak and the unemployment rate remains elevated.

The gloomy outlook negatively affected the markets. On Sept 22, combined turnover on the Shanghai and Shenzhen bourses shrank to 139.1 billion yuan ($21.8 billion) from 159.9 billion yuan the previous trading day.

The markets posted widespread declines amid profit taking Sept 22 following sharp rises the previous trading day.

Securities, cement, non-ferrous metals led the declines. Citic Securities retreated 4.3 percent to 12.03 yuan per share. Everbright Securities fell 4.9 percent to 11.65 yuan.

Non-ferrous metals shares fell after the State Council, or Cabinet, announced on Sept 21 that the country will link the resource tax to sale prices for crude oil and natural gas and adjust resource tax rates for the two products.

Beijing Cisri-Gaona Materials and Technology Co Ltd fell 6.27 percent to 17.04 yuan. Tongling Nonferrous Metals Group gave up 4.93 percent to close at 21.04 yuan.

China Vanke, the country's largest listed property developer, lost 5.21 percent to close at 7.46 yuan.