I tried to help a FT member set up a bank account last month (I wasn't in Shanghai at the time, so accompanying to the banks was not possible), and he struck out at ~5 banks, in spite of the fact that he used my address (instead of a hotel address). Apparently, they wanted to see an RP instead of a normal tourist/business visa. I am guessing that if he kept trying (e.g. at lower tier banks), he probably would have succeeded.
Side note: It would be nice to get an updated list of banks that work with Alipay and Wechat for foreigners. CMB and ICBC are known, but there must be more by now.