China's stock market rocketed on Monday on the news that the country will allow more foreign investment in the fragile market.

The benchmark Shanghai Composite Index rose 3.1 percent while the Shenzhen index soared even higher, both on the back of a 15 percent rise in the past month.

The morale-boosting news came from China Securities Regulatory Commission head Guo Shuqing, who said he hoped that the domestic stock market shares held by foreign investors would increase exponentially in the future.