Shanghai's pilot free trade zone is intended as a showpiece for possible broader reform in China. US investors have high expectations, as well as doubts, as Yuwei Zhang reports from New York.

More than 90 policies cover five major economic areas. There's a 10-page "negative list" putting 18 major sectors (with 1,067 subcategories) of business off-limits to foreign investors.

The list also has 190 special regulations, which outline additional sectors closed to foreign investors.