"Anyone looking for a decisive and detailed statement about reforms will be disappointed. At most, broad principles, largely known, will be served up at the conclusion of the third plenum," said Frederic Neumann, co-head of Asian Economics Research at HSBC, in a note.
Commodity stocks were among the worst-performers on the back of weaker metal prices. Rare-Earth fell over 4 percent while Xiamen Tungsten lost over 3 percent.
Bulk shipper Cosco fell nearly 4 percent following a report that its director is under investigation for "violation of discipline."
Monthly figures for inflation, industrial output and retail sales are due on Saturday.
Sydney down 0.4%
Australia's share market pared losses after the Reserve Bank of Australia maintained its easing bias in its quarterly policy report. Still, the index snapped four weeks of consecutive gains.
Westpac Banking fell 2.8 percent as it traded ex-dividend while Echo Entertainment declined 4 percent after stating that low consumer spending is hurting its revenue growth.
Miners fell across the board with Fortescue Metals leading losses by 4.2 percent while Rio Tinto and BHP Billiton lost 1 percent each.
Kospi below 2,000
South Korean stocks hit to a two-month closing low due to sharp falls in tech heavyweights. Samsung Electronics finished 2 percent lower while LG Display declined 4 percent.
Hyundai Motor eased 2.2 percent ahead of the election of its labor union chief.
— By CNBC.com's Nyshka Chandran. Follow her on Twitter @NyshkaCNBC