(Yicai Global) Feb. 25 -- Chinese mainland stock markets soared to seven-month highs in morning trade today as investors reveled in a speech from President Xi Jinping and the country progressed toward resolving its ongoing trade dispute with the United States. 

The Shanghai Composite Index went into the lunch break 3.32 percent higher at 2,897.35 -- its highest level since August, while the Shenzhen Component Index hit the mid-way point up 4.25 percent at 9,018.90. Smallcap tech firms led the charge as the ChiNext Price Index, which tracks growth enterprises in Shenzhen, soared 4.74 percent to close at 1,525.30.

Around 140 of 3,600 stocks hit the 10  percent daily limit up as trading volume across the three boards reached CNY600  billion  (USD89 billion), with investors fearing the possibility of lost opportunity in a rising market.

China's financial sector is one of the country's core competitive pillars, Xi told the Communist Party of China Central Committee Political Bureau at a study meeting on Feb. 22, adding that financial security is critical to national security and the financial system is a fundamental mechanism in economic and social development.

Easing trade tension between the world's two largest economies also spurred the markets, after US President Donald Trump said he "will be delaying" the scheduled March 1 tariff hike on Chinese imports after making "substantial progress in our trade talks with China on important structural issues including intellectual property protection, technology transfer, agriculture, services, currency, and many other issues."

China's US delegation backed that up the same day, highlighting that "substantial progress" was made during high-level economic and trade talks in Washington.