In the trend of today’s world’s international investment liberalization, the transition of China’s investment management system transforms to a new system in which there is an investment management mode of negative listings. Through the research, by analyzing and summarizing Shanghai Free Trade Zone’s legal practice of setting up the investment management mode of negative listings, the future legal countermeasures of the transition should include learning from international experiences, perfecting the national legislation and encouraging local pilot, perfecting the top-level design of investment supervision, innovating investment dispute-settlement mechanism, enhancing the level of national governance by law.