China’s finance negative list updates quickly, but the content is fixed, the restriction measures are not diversified, and the operability is weak, which causes the external publicity effect is greater than the substantive reform effect.This paper sorts the development process of China's financial negative list for the first time, summarizes the format, content and evolution rules, and clarifies its development logic. In addition, the paper makes a detailed comparison between the financial negative lists separately set up by Shanghai pilot free trade zone and the TPP, USMCA and KORUS agreements from the aspects of structure and content. It is found that the dimension of restriction is relatively narrow, the restriction methods are primitive and rigid, which is lack of flexibility and innovation. There is no mention of reciprocity clause or protection measures in particular areas.Based on this, four experiences and inspirations are obtained, including reserving future reform authority, utilizing the restrictions and measures flexibly, formulating the reciprocal and special policies, and improving the supporting laws.