The positive-list and negative-list modes of financial regulation differ in terms of which sectors are open to foreign services and suppliers. In the positive-list mode, only the listed sectors are accessible to foreign entities, whereas in the negative-list mode, all sectors are open except for those explicitly prohibited by law. Recent trade agreements such as RCEP, CPTPP, and USMCA have moved away from positive-list mode, especially in financial services regulation. While they do not adopt the negative-list mode either, they introduce new financial service clauses that facilitate market access for innovative financial products. These agreements also serve as a benchmark for opening up other sectors. They will continue to offer financial products, but their product types and transfer forms will differ from current financial services. China iscreating significant challenges in establishing a correct understanding of the new financial services clause, developing a robust regulatory system, and mitigating risks associated with opening the financial services market.

I. Introduction: The New Financial ServiceClause and the Evolutionary Change ofRegulation Mode for Trade in Services
II. The Closed Rule System of the WTO and theOpen Rule System of the New Generation ofRegional Trade Agreements
III. The Possi bility of Financial Innovation andthe Uncertainty of Supervisi on
IV. The Necessi ty of Supervisi on on the NewFinancial Service
V. Conclusi on: Roadmap of Supervisi on on theNew Financial Service
    A. Complete the Market Access System for the Financial Institutions
    B. Establish the National Financial Security Exception Mechanism
    C. Construct the International Coordinating Mechanism of FinancialSupervision
References

• Jiaxiang Hu(KoGuan Tenured Professor of Law at Shanghai Jiao Tong University Law School)