Exclusive | Exclusive: Li Keqiang fought strong opposition for Shanghai free-trade zone plan

Premier Li Keqiang fought open opposition from financial regulators in his bid to push through a landmark plan for a free-trade zone in Shanghai. It is the clearest sign yet that the nation's new leadership is determined to deliver long-delayed economic reforms.

Financial industry regulators, including the China Banking Regulatory Commission (CBRC) and China Securities Regulatory Commission (CSRC), openly disagreed with Li's plan to open Shanghai's financial services sector to foreign investors.

Three sources with first-hand knowledge of high-level government meetings told the South China Morning Post that Li lost his temper at one closed-door cabinet session. When told of the continuing opposition to his plans, he slammed his fist on the table in frustration.

The sources insisted on anonymity due to the sensitive nature of their disclosures.

"The feedback opinions are not acceptable," say the minutes from Li's office, summarising his response to a CSRC objection in one meeting.

Behind-the-scenes debates inside party headquarters in Zhongnanhai over the Shanghai plan reflect the intense difficulties the new leadership faces in its bid to reform the nation's economic structure.