Traders work at the New York Stock Exchange in New York, the United States, Aug. 2, 2019. Photo: Xinhua

The Chinese market rallied Monday, with three major indices climbing more than 1 percent during trading.

The benchmark Shanghai Composite Index closed up 1.16 percent at 3,040.02 points.

The Shenzhen Component Index closed 1.29 percent higher at 10,365.96 points.  

The ChiNext Index, China's NASDAQ-style board of growth enterprises, closed up 1.28 percent at 1,790.24 points Monday.

Market insiders said the stocks were buoyed on the back of positive news related to trade and regulations.

China's top legislature approved a draft revision to the nation's Securities Law at the weekend that eased regulations on newly listed companies on the country's stock markets.

Experts predicted the new law will attract more overseas listed mainland companies back to the A-share market and accelerate the inflow of overseas investment capital.

News related to trade also weighed against the market performance.

China will implement a new tariff regulation in 2020, which will lower duties on 859 products, and levies on seven types of IT products will be removed starting January 1, China's Finance Ministry said Monday.

The Ministry of Commerce said Monday that China will formulate a negative list for cross-border trade in services while expanding services trade exports.