The Shanghai Free Trade Zone is set to spearhead with opening up of the service industry. 23 measures will be adopted to free up six areas of the service sector.

Foreign-funded financial institutions are allowed to set up banks, and to team up with approved private banks to establish joint-ventures. Limits have been scrapped on the number of shares foreign investors are allowed to hold in shipping and logistics companies and foreign firms will be allowed to run ship-management operations.

Foreign enterprises can now run telecommunication services and produce and sell video game consoles. Foreign investment is also encouraged in professional services such as law and engineering, cultural services and social services. Foreign-owned performing arts agencies and medical institutions will also be allowed. Foreign companies can also set up human resource agencies and training agencies with local partners.