Several detailed policies, in areas such as targeted credit aid and private banks, have been released by local governments following the State Council's guideline in July to push forward financial reform.

Apart from 42 such measures published by Shanghai last week, which focus on lessening foreign exchange control and encouraging cross-border yuan flow to facilitate trade and investment in the region, other economic hubs, such as Beijing and Zhejiang, have taken similar measures.

In Wenzhou, an entrepreneurial hub, authorities and companies are actively preparing for the establishment of a private bank.

Meanwhile, the city is pushing forward a national asset management company, so as to let the government play a bigger role in dealing with banks' non-performing loans.

Beijing is also ready to provide credit aid to its booming culture sector, through matching cultural companies and financial institutions.