The reigning Australian Open champion secured a 6-3 6-3 victory inside 87 minutes in Beijing as she won her first title since Eastbourne in June.
But it was ultimately Sevastova's inconsistency of 35 errors, 22 of which came in the crucial second set, that cost her the chance to win what would have been the biggest title of her career.
"I think I just really appreciate still being here, playing well, being able to win these titles".
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Basilashvili won 6-4, 6-4 to cause an upset against the world number four at Beijing's National Tennis Centre in China's capital.
Wozniacki told the WTA official website: "I didn't feel great going into the tournament, to be honest. Having won again, eight is my lucky number and it is eight years ago I won here so I felt like it was my year", Wozniacki said on-court after her victory.
Sevastova edged a tight first set with a solitary break as Osaka's game showed signs of falling apart.
Nishikori corrected issues with his own serve in the second set but still could not have an impact on Medvedev's service games, winning only one point on the Russian's serve during the entirety of the second set.
The 20th-ranked Latvian will face the victor of the semifinal between China's Wang Qiang and Caroline Wozniacki of Denmark.