China stocks close higher on Wednesday

Chinese shares closed higher on Wednesday, wiping out the moderate losses of the previous trading day.

The benchmark Shanghai Composite Index rose 1.11 percent, or 23.49 points, to finish at 2,142.55.

The Shenzhen Component Index gained 1.55 percent, or 121.47 points, to close at 7,953.94.

Combined turnover on the two bourses shrank to 304.8 billion yuan (49.88 billion U.S. dollars) from 318.54 billion yuan on the previous trading day.

Internet finance boosted bank shares after reports of banks' growing interest in cooperating with tech firms. The Bank of Beijing and domestic smartphone maker Xiaomi on Wednesday agreed to carry out comprehensive cooperation in mobile payments and credit.

Bank of Beijing rose 9.96 percent to 7.95 yuan per share; China Citic Bank also jumped by the daily limit of 10 percent to 5.16 yuan per share.

Oil companies gained on market expectations on energy reforms during the upcoming annual legislative session in March. Shenzhen Guangju Energy and Sinopec Shanghai Petrochemical Company Limited both went up by the 10 percent daily limit.

Media-related stocks fell with Chengdu B-ray Media Co., Ltd. down 4.53 percent to 23.39 yuan; China Television Media Ltd. fell 3.29 percent to 17.62 yuan.