China's CSI 300 share index, the leading Shanghai and Shenzhen A-share listings, gained 1.9 percent on Monday, the strongest daily gain in six weeks based on hopes for further reforms.

Analysts said Premier Li Keqiang's talk on keeping up the pace of reform and reiterating the policy focus will not change have lifted market sentiment to expect an economic growth rebound.

Li said on Friday at a State Council meeting that there should be no slackening in the implementation of policies that ensure growth targets are met, reported the Xinhua News Agency.

The CSI 300 finished at 2,471.3 points. The Shanghai Composite Index rose 1.6 percent on Monday. Consumer and technology companies led gains.

The China Securities Regulatory Commission said on Friday that significant reforms must be taken to adjust the IPO mechanism to provide maximum protection over the legal rights of smaller investors. In addition, more steps must be added to the approval process for new initial public listings.

"Investors may interpret the commission's words as a suggestion that the relaunch of new listings will not be seen soon," said Wang Lei, an analyst with Huaan Securities.

"Liquidity is stable and the macro data of the third quarter have helped the recovery of market sentiment that led to an expected rebound. Reforms may become long-term drivers for improving performance and, in the fourth quarter, companies may post better performances thanks to greater opportunities at the year's end. There is market expectation for more policies on sectors including those that are being urged to transform," said a note from the research department of Northeast Securities on Monday.

"We expect the People's Bank of China to maintain its neutral monetary policy stance, with a bias toward tighter liquidity conditions. Indeed, the statement published by the central bank on Wednesday indicates to us that total social financing and credit growth would be guided to lower levels from here onward, after the 'rapid' growth year-to-date," said Jian Chang, an economist with Emerging Markets Research at Barclays Research.

Analysts said investors are waiting for further reform guidance after the Third Plenum in November, which may bring changes to the sectors of healthcare, realty development, environmental protection and energy. The growth target for 2014 that will be released then will also affect market sentiment.

The economy should have already stabilized, said Chris Leung, an economist at DBS. The best macro policy response is thus to keep the status quo, he added.