(Corrects day of the week in first paragraph to Monday, not Tuesday) * China factory output, retail sales slide * Tencent hit by calls for more regulations * Indian shares rise on $1.35 billion infrastructure plan * Zambia bonds rise after Hichilema’s victory in presidential race * EMFX rise as dollar dented by weak U.S. consumer sentiment Aug 16 (Reuters) - Emerging market stocks fell for a fourth straight session on Monday as data showing a slowdown in China’s economic growth, and calls for more regulation of business in the country dented sentiment, while a weaker dollar supported riskier currencies. Turkey’s lira firmed 0.6%, up for the third straight session, with falling crude prices aiding the oil importer, which in turn capped gains for exporter Russia’s rouble. The dollar extended losses after a data set last week showed falling business confidence in the United States. South Africa’s rand was little changed. The country’s newly appointed finance minister, Enoch Godongwana, on Friday said he would continue on the sustainable fiscal path laid out by his predecessor. Overall sentiment was kept in check by data showing China’s factory output and retail sales slowed sharply and missed expectations in July, as new COVID-19 outbreaks and floods disrupted business operations in the world’s second biggest economy. Tencent, which has the second-biggest weighting on MSCI’s benchmark EM equities index, lost 3% following state media commentary calling for stronger vetting of online games. The faster China’s economic growth decelerates, the more urgency authorities face to set the new regulatory landscape, as the effects of new regulations on economic growth and the labour market can only be mitigated when the economy is growing above trend, said Credit Suisse analysts Yi Wang and Irene Feng. This has a knock-on effect on global markets, and especially other emerging markets which depend on demand from China. EM stocks and currencies ended last week lower, hurt primarily by worries about regulation in China. In a positive sign, new local COVID-19 infections in China fell for a sixth day, while the country’s central bank injected billions of yuan through medium-term loans into the financial system on Monday. The EM stocks benchmark was down 0.4%, but a rise in India shares , cheered by a $1.35 trillion national infrastructure plan, helped capped losses. Reliance Industries hit a more than seven-week high, up 2.3%, after a report said Saudi Aramco may acquire a roughly 20% stake in the Indian conglomerate’s oil refining and chemicals business. Meanwhile, Pakistan’s sovereign dollar bonds fell as much as 1 cent on Monday as investors feared the regional fallout from the Taliban seizing control of Afghanistan. Zambia’s sovereign dollar bonds jumped nearly 2 cents on Monday after opposition leader Hakainde Hichilema secured a landslide election win in the country’s presidential ballot. Malaysia’s stocks lost 0.3% and the ringgit hit one-year lows before recovering. Malaysian Prime Minister Muhyiddin Yassin handed his resignation to the king on Monday, after months of political turmoil and the loss of his majority. For GRAPHIC on emerging market FX performance in 2021, see tmsnrt.rs/2egbfVh For GRAPHIC on MSCI emerging index performance in 2021, see tmsnrt.rs/2OusNdX For TOP NEWS across emerging markets For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see Reporting by Susan Mathew in Bengaluru; Our Standards: The Thomson Reuters Trust Principles.