BEIJING - China's stocks surged over 2 percent on Wednesday driven largely by oil shares after the country's top economic planner raised the retail prices for gasoline and diesel on Tuesday.

The benchmark Shanghai Composite Index jumped 2.43 percent, or 55.63 points, to close at 2,347.53.

The Shenzhen Component Index surged 3.14 percent, or 290.86 points, to finish at 9,557.58.

The National Development and Reform Commission (NDRC) said Tuesday that the retail prices for gasoline and diesel will be raised by 300 yuan ($47.6) per ton starting Wednesday, which has driven up shares of oil producers.