Yes, it has been confirmed. The China server for Blade & Soul, under publisher Tencent Games, will be utilizing a Free-to-Play business model, together with a cash shop of course.
There will also be a VIP subscription call “Blade & Soul member” available, which will give players various benefits such as special titles, avatars, more stored stamina, faster mediation, increased MP recovery (+5%), base defense (+3%) and base HP (+3%). All benefits are account-wide.
VIP subscription will come in different duration, such as 7 days, 30 days, and 90 days (more to be added apparently). Costumes will be given for subscribing, although the duration is not stated.
The subscription fee for 30 days is reported by several media outlets to be around 10.00 CNY (not officially confirmed, I am guessing this is an error and the price for 7 days instead), which is just 1.62 USD.
Tencent Games will be opening up topup services to test out the cash shop for the upcoming Closed Beta 3 phase next month, with all amounts to be reverted back to accounts once non-wipe Open Beta begins. All cash shop costumes will not have any stats on them.
According to unofficial reports, upgrade enhancement items will be sold in the cash shop, similar to most Asian MMORPGs. There is currently no official launch date (Open Beta) for Blade & Soul China.