Snippets from the South China Morning Post... what CX gets and what the mainland China airlines get:

Hong Kong and Beijing signed a landmark aviation deal yesterday that will raise the number of airlines allowed to serve the mainland and ultimately add 400 flights a week to meet the growing demand for leisure and business travel.

The deal allows Cathay Pacific to apply immediately for more flights to Beijing and for cargo services to Shanghai. It will be allowed to fly passengers between Hong Kong and Shanghai in 2006.

Mainland airlines will face greater competition, but will be able to fly to more onward destinations from Hong Kong.

So Shanghai passenger services are out of the picture for a couple more years it seems...