The steady opening-up of the financial sector at a high level is essential for achieving high-quality economic development, and is also an urgent need for the development of the financial sector itself. The China (Shanghai) Pilot Free Trade Zone (FTZ) and its Lin’gang Special Area were established in 2013 and 2019 respectively. Over the past ten years, Shanghai has been a forerunner and trailblazer in deepening financial reform and expanding financial opening-up, accumulating replicable and scalable “Shanghai experience”. Looking ahead, it is important to discuss how to further enhance the functions of the FTZ, advance financial reform and opening-up at a higher level, and strike a balance between opening up the financial sector and keeping risks at bay. 

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