Chinese stocks closed higher on Monday as China is speeding up stock listing reform.

The benchmark Shanghai Composite Index went up 0.29 percent to close at 3,279.25 points. The Shenzhen Component Index closed 0.16 percent higher at 11,068.49 points.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, gained 1.19 percent to close at 1,842.92 points Monday.

Combined turnover on the two bourses stood at 396.9 billion yuan (62.6 billion U.S. dollars).

Nearly 1,800 stocks gained on the two bourses with the medical equipment sector leading the rise. The sub-index for the sector rose 2.34 percent.

Lepu Medical Technology gained 9.62 percent to close at 32.35 yuan per share and Shanghai Conant Macroflag Group rose 5.25 percent to close at 16.05 yuan.

The Shanghai Stock Exchange said in a statement last week that it would improve services for "unicorn companies," startups valued at more than 1 billion U.S. dollars, to be listed.

For years, China's capital market has been dominated by traditional industries such as property development, finance, and industrial materials.

Innovative firms, tech startups in particular, face legal and technical barriers to listing on the A-share market, including restrictions on weighted voting rights, or dual-class shares, and mandatory requirements on IPO applicants' profitability.

Analysts said that the move will invigorate the country's capital market and foster the new economy.