Major Asian stock markets closed higher on Monday as investors awaited developments on the U.S.-China trade front.The U.S. Federal Reserve was also set to begin its March policy meeting later in the week.

Mainland Chinese shares advanced on the day, as the Shanghai composite jumped 2.47 percent to close at 3,096.42 and the Shenzhen component gained 3.067 percent to finish at 9,843.43. The Shenzhen composite also added 2.706 percent to close at 1,685.79.

Hong Kong's Hang Seng index rose around 1 percent in its final hour of trading. Shares of rail operator MTR declined about 0.3 percent after a train collision disrupted services in the city.

The Nikkei 225 in Japan rose 0.62 percent to close at 21,584.50 as shares of index heavyweights Fast Retailing, Softbank Group and Fanuc all advanced. The Topix index also added 0.69 percent to finish at 1,613.68.

Over in South Korea, the Kospi closed 0.16 percent higher at 2,179.49 as shares of automaker Hyundai Motor jumped 2.48 percent. The in Australia gained 0.25 percent to close at 6,190.50, with most sectors rising.

Meanwhile, the U.S. and China looked to be closer to a trade deal, according to a Xinhua news report that both sides have made "concrete progress" on the text of the trade agreement.

The news comes after CNBC reported Thursday that Chinese negotiators suggest combining a state visit to the U.S. with the signing of a trade deal. Beijing wants a deal to be fully ironed out before Chinese President Xi Jinping meets with U.S. President Donald Trump.

"While there is presumably a strong US political imperative to get a deal done ahead of next year's elections, and presumably China is keen to bed down this issue, and while we expect a deal to be proclaimed, we can only believe it once it's seen," David de Garis, a director and senior economist at National Australia Bank, said in a morning note.