Chinese shares close lower on Wednesday

Chinese shares closed lower on Wednesday, as the market takes time to understand the reform outlines issued on Tuesday after the four-day Third Plenary Session.

The benchmark Shanghai Composite Index lost 1.83 percent, or 38.83 points, to finish at 2,087.94. The Shenzhen Component Index went down 2.03 percent, or 168.31 points, to finish at 8,110.99.

The Communist Party of China (CPC) ended its four-day Third Plenary Session on Tuesday with a communique outlining the reform direction for the next decade. Communiques from such key policy meetings generally do not touch on specifics. Detailed reforms are expected to be released subsequently.

China will deepen its economic reform to ensure that the market will play a "decisive" role in allocating resources, according to the communique.