Chinese stocks rallied during Wednesday morning's trading after media reports said that President Xi Jinping had agreed on a meeting with US President Donald Trump next week at the G20 summit in Japan.

The Shanghai Composite Index gained 1.51 percent at midday on Wednesday, which surged with trading volumes in the morning session surpassing the whole-day trading of Tuesday. 

The Shenzhen Component Index jumped 2.25percent and the ChiNext Index, China's NASDAQ-style board of growth enterprises, closed 2.01 percent higher at midday.

Stocks across nearly all sectors rallied, with shares in the intellectual property protection and chip sectors leading the rise.

The Shanghai-listed stock saw a net inflow of 750 million yuan ($108.6 million), and Shenzhen-listed stock had realised a net inflow of 590 million yuan by midday.

The Dow Jones closed up 353 points on Tuesday (US time) and hiked more than 400 points at its highest. On Tuesday, Trump tweeted that he "had a very good telephone conversation with President Xi of China. We will be having an extended meeting next week at the G-20 in Japan. Our respective teams will begin talks prior to our meeting."