Abstract: Since the establishment of the Shanghai Pilot Free Trade Zone in 2013, China's pilot free trade zones have undergone more than a decade of development. These zones have become a driving force for high-level opening-up, a trailblazer for in-depth reform, a model for high-quality development, and a vital platform for serving national strategies. However, from the perspective of foreign investment, there are still many areas in the pilot free trade zones that require improvement. First, there is an urgent need to address the absence of legislation governing the development of free trade zones; second, there is an urgent need to address the issue of laws being at too low a hierarchical level; third, there is an urgent need to address the issue of excessive government intervention; fourth, there is an urgent need to address the gap in international institutional frameworks; fifth, there is an urgent need to address certain special arrangements; and sixth, there is an urgent need to address the issue of integrated development. China's pilot free trade zones must move beyond a zone-based development mindset and achieve a comprehensive upgrade from "policy-driven opening-up" to "system-driven opening-up". In doing so, they will become the "preferred destination" for global capital to enter the Chinese market and the core platform for global enterprises to participate in China’s new development paradigm.
