Chinese shares were down more than five percent in the first minutes of trade on Monday, despite Beijing authorising the state pension fund to invest in stocks, the authorities' latest attempt to shore up the markets.

The benchmark Shanghai Composite Index slumped 5.14 percent, or 180.44 points, to 3,327.30.The Shenzhen Composite Index, which tracks stocks on China's second exchange, plunged 5.51 percent, or 112.32 points, to 1,927.08.