(Corrects paragraph 4 to insert Friday's percentage fall of the ChiNext index, which was 0.6 percent)
SHANGHAI, May 22 (Reuters) - China stocks jumped to fresh seven-year highs on Friday, with a four-day winning streak bringing the weekly gain to the biggest since December as investors raised bets that a month-long consolidation period is ending.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 2.3 percent, to 4,951.33, while the Shanghai Composite Index gained 2.8 percent, to 4,657.60 points.
For the week, CSI300 was up 7.2 percent, while SSEC gained 8.1 percent, their biggest weekly rises since the start of December.
Sector rotation was obvious on Friday, with financial stocks , a recent underperformer, taking the lead. On the flip side, Shenzhen's start-up board ChiNext, which has been soaring, lost momentum and ended 0.6 percent lower.
There are signs that even after benchmark indexes have risen about 40 percent this year, making China's market into Asia's best-performing, money keeps gushing in.
Mutual fund assets jumped almost one-fifth in April from the previous month after a spate of fund launches, while the latest data showed that by Tuesday, investors had borrowed nearly 2 trillion yuan ($322.71 billion) to buy stocks.
"High margin trading, and leverage generally, were the main risks to a regulatory crackdown on the current rally," China-focused investment bank NSBO said in a research note on Friday. (Reporting by Samuel Shen and Pete Sweeney; Editing by Richard Borsuk)