China stocks surge
Share markets in China were bolstered by data which showed activity in China's services sector expanded at its fastest pace in three months in October.
Released earlier in the session, the Caixin/Markit purchasing managers' index (PMI) rose to 52.0 in October from September's 14-month low of 50.5, hitting the highest level since July 2015.
In other news, President Xi Jinping said Tuesday the country's economic growth rate will not be less than 6.5 percent in the five years to 2020, according to a report by Reuters citing state-run Xinhua news agency.
"Markets and investors are reacting to some reassuring comments from policymakers and also reassuring indication from the macro environment," Xavier Denis, global strategist at SG Securities, said. "In the short run, we are heading to a year-end rally and [Chinese stocks] should deliver positive returns in the weeks ahead but if you consider a long term approach, there are still concerns about Chinese growth deceleration and when the Fed will hike rates."
The key Shanghai Composite index closed up 4.3 percent, while the blue-chip CSI300 index surged 4.7 percent.
In Hong Kong, the benchmark Hang Seng index pulled back from earlier highs, up 2 percent late Wednesday.
Comments from Chinese central bank governor Zhou Xiaochuan that a stock market trading link between Hong Kong and Shenzhen could be launched before the end of 2015, fanned risk sentiment earlier in the session. However, reports have since emerged at mid-day saying that Zhou's comments were made on May 27, according to an update from Dow Jones citing Chinese data provider Wind.
As such, Hong Kong Exchanges and Clearing halved gains to 4.4 percent, while other mainland brokerages such as Citic Securities and Haitong Securities bounced up 8.4 and 7.5 percent respectively.
Taiex jumps 1.7%
Taiwan's weighted index hit a more than three-month high, with tech plays extending gains following a rally in their U.S. counterparts and following news that President Ma Ying-jeou will hold talks with China's Xi in Singapore on Saturday.
The historic meeting, which is the first since the civil war ended in 1949, comes at a sensitive time in Taiwan, with presidential elections due in January 2016. In reaction to the news, Taiwan's main opposition party said on Wednesday that cross-strait issues should not be used as an election ploy.
Large-cap Taiwan Semiconductor Manufacturing Co. more than doubled gains to 3.6 percent, while key tech names such as Catcher Technology and Hon Hai Precision Industry climbed more than 1 percent each.