Hi,
It's not so easy...
You first need to reduce the file system size and the partition size inside the guest, only then you can shrink it, then you additonally need to tell qemu-img that you know what you do, and that dta loss is expected if you did not reduced the guests FS/Parition boundaries with the qemu-img '--shrink' option.
I really recommend that you test this procedure on a test VM with unimportant data, else you may have a bad time...