China（Shanghai）pilot free trade zone promotes reform by opening up，which is with distinctive Chinese characteristics. The innovation and opening up in the financial sector will be an important part of institutional innovation in the pilot area，exploring new avenues to deepen the financial reform of China. This article shows the reform of the pilot area to locate the direction of financial reform of China. Three pillars of the reform framework of the pilot area should be financial liberalization，internationalization and legalization，based on which interest rates and exchange rates reform，financial market liberalization，internationalization of the RMB and capital account convertibility should be promoted in synergy.