Industry insiders are calling for specific details on a move to enable enhanced convertibility of the capital account in the China (Shanghai) Pilot Free Trade Zone, but they also said that effective regulation must be implemented to prevent instability.

"The pilot programs in the Shanghai free trade zone will not only facilitate trade and investment but will also set the direction for China's financial reform," said Qiao Yide, secretary-general of Shanghai Development Research Fund.

The pilot programs, amid goals of interest rate and exchange rate liberalization, will create rich opportunities for financial institutions to provide financing, exchange and clearing services, bankers said.