Financial opening and innovation is an important part of the reform and innovation of China's free trade pilot area（hereinafter referred to as Shanghai Free Trade Area）.Based on financial opening and innovation，Shanghai FTA has continuously built a global financial market system，which has made important contributions to serving the real economy，improving the internationalization of RMB，improving the better management of financial supervision，and building Shanghai International Financial Center.At the same time，there are also some problems in the financial innovation and development of Shanghai FTA，which are mainly reflected in the imperfect financial system，the mismatch of financial functions，the improvement of the convertibility of capital account and the facilitation of cross-border flow of funds，and the insufficient internationalization of financial business environment and financial laws and regulations.Therefore，on the premise of recognizing the new international economic situation，we should follow the domestic financial laws and regulations，understand financial supervision system and international competitiveness of the financial industry，adhering to the principle of a steady，orderly and opening development，and promoting the financial opening innovation of Shanghai Free Trade Zone and the coordinated development of the construction of Shanghai International Financial Center.