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Another 500 manufacturing companies will be closed and more than 40 state-owned companies will be moved out of the city proper, Chen said in the report.

Anna Pawlak-Kuliga, CEO and president of Ikea China, said the plan has been adjusted based on the dynamics in the local market. "The home furnishings market in China is now in a phase of stable growth. In addition, urbanization, digitalization and people's increasing disposable income are changing the way people live and consume.

Apart from blazing the trail of reform in finance and trade, the Shanghai FTZ is tasked by central authorities with exploring reforms that simplify market entry for domestic and foreign investors and strengthening supervision.  

Ant Financial Services Group, the company behind the popular payment app Alipay, is extending its tentacles to Bangladesh through a partnership with a local mobile financial service provider, another step toward its globalization goal of serving 2 billion users within 10 years.

Any Senate legislation would be enough to kick the issue to a special negotiating committee with the House, which passed its own version in May. If that panel can agree on a new bill, the full House and Senate, both controlled by Republicans, would again have to approve the legislation - a process that could last months.