China's stocks fell from a nine-month high as investors speculated this year's rally has outstripped prospects for earnings growth.

"Stock prices are high and we need earnings growth to back up those valuations," said Wu Kan, a Shanghai-based fund manager at Dazhong Insurance Co.

The Shanghai Composite Index, which tracks the bigger of China's exchanges, fell 25.27, or 0.9 percent, to 2,651.41 at close. The index closed on Tuesday at its highest since Aug 7. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, lost 1 percent to 2,812.86.