The widely-watched Shanghai Free Trade Zone is scheduled to be launched on Sept 29 this Sunday. But the keenly awaited policy details includes 32 initiatives, will not cover financial sector reforms.

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Financial reforms including freeing up interest rates and test opening the currency on the capital account, are seen as the most difficult and controversial.

The Shanghai Free Trade Zone is seen as the most important economic reform project under China's new leadership and could pave the way for the next decade of financial reforms.

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