This paper makes an analysis of the experiences and deficiencies of the negative list model for foreign investment management in Shanghai Pilot Free Trade Zone，and points out the problems that still exist in Negative List （2013 version）in dealing with market access of foreign investors，the transparency of policy，the National Treatment，Most-Favored-Nation Treatment and the industry classification system. In response to the above-mentioned problems，the paper puts forwards six proposals to intensify the reform. First，further expand opening-up and reduce the negative list under the approval of the central government. Second，enhance transparency of the negative list by clarifying the administrative regulations of market access. Third，remove the same items for domestic and foreign investors，and make sure that the negative list is the exception of the National Treatment. Fourth，create separate negative lists respectively for global investors and for Hong Kong & Macau investors and the latter should be enacted as the Supplementary Agreement of CEPA. Fifth，solve the problem of correspondence between Industry Classification used in China and that of Free Trade Agreement，and study the industry classification system applicable to the International Investment Agreement. Last，coordinate the interests of different ministries，and reform their management functions and powers for foreign investment.