This article analyzes the fundamental reasons of the financial crisis facing the world today and discusses the challenges and opportunities it brings to China.The article concludes that the reason that results the financial crisis is the three-decade long US federal policies that are contrary to the fundamental market principles.The financial crisis brings challenges as well as opportunities to China.Internally，Chinese regulators should focus on strengthening the core competitiveness and risk management abilities of Chinese financial institutions.Specifically，encouraging financial innovation should still be the mainstream policy.Externally，China should leverage its relatively favorable position to bargain for greater influence in the international financial world.China should actively engage on the reestablishment of new framework for international financial world thus maximizing its national interest in the process.