| In August 2013 the State Council approved the establishment of the FTA Shanghai, the central government took the FTA as an experimental field to advance a "negative list" Management Reform which is the key, difficult and highlights. Though Shanghai Free-Trade Zone is located in Shanghai, it is intended for domestic economic reforms, which also determines that the Shanghai "negative list" is different from the "negative list" of international law. At the same time adopting the mode has its international background, so it is inevitable that there are international specialties. This article follow-up study on the local policies and regulations in the region from the establishment, the author do a comparative analysis of the "negative list" of the special nature of the FTA, and in accordance with existing academic view sum up the features, combined with functional orientation of FTA, domestic and international environment. The essence of the "Negative List" is that it requires a higher level of transparency and freedom. The degree of freedom not only reflect on that it open more areas than a positive list, but also the open show a gradual widening, the published two editions of the "negative list" so far is the evidence, and we can predict that in 2015 the "negative list" will be more open.No matter be seemed as an institution is or the laws and regulations, the "negative list" has its operational value choice. And the different characteristics of the "negative list" from the law of outside area, are the presence of the different value. So this article chooses freedom, order and efficiency to analyze the value choice and performance of the "negative list". Freedom is the core value, order and efficiency are not only the embedded value, but also used to protect the actual operating results, reducing market risks. These are from the theoretical interpretation, then the author tries to analyze its legal issues from a practical level convergence, specifically includes their legal position, promotion and improvement. First of all we should be clear that the "negative list" is the domestic law, then according to its subject and content, and the newly revised Legislation law, I think that the legal position of "negative list" is the local government regulations. If running well, this legislative model and innovative experience are worth promoting. There are two main paths:local and national. The "negative list" of Guangdong FTA is based on the Shanghai FTA "negative list", but it has innovation-lower threshold for Hong Kong and Macao investors; the trial of nationwide "negative list" is "People’s Republic of China foreign investment Law (draft) "regulations. In this process, the negative list must improve continuously, it is not only open wider, but also focus more on improving its legitimacy and regulatory reform measures.Moreover the author also do a comparative analysis of the published two editions of the "negative list" in Shanghai FTA.It plays a great role in the improvement in Shanghai and the nation. Many scholars and institutions have being carried out in-depth research, I hope I can do my job to improve the theory of FTA "negative list" with the platform and my knowledge. |