The 5th Plenary Session of the 19th CPC Central Committee made a major decision and deployment to promote two-way opening up of finance. It has a strong guiding significance for the next period. With continuous introduction of higher-level opening-up policies as called "the bringing in"，foreign investors continue to be optimistic about China’s financial market and boost their investment. Meanwhile，as Chinese financial corporations carry out foreign investment and financing business，they extend their global presence，and serve "the going out" of Chinese enterprises and renminbi internationalization. Entering the new era，the "going out" and "bringing in" of China financial industry confront new challenges. At present，the international economic and political pattern is undergoing profound changes，Sino-US relations are experiencing new challenges. The risks and uncertainties of international financial cooperation are rising，the financial regulatory review of western investment has been constantly tightened，and the prospect of economic recovery and geopolitical risks in the post epidemic era are difficult to predict. This paper focuses on the main problems and challenges faced by the two-way financial opening，not only from the "bringing in" to see the relevant demands of major international institutions but also from the "going out" to see the difficulties and common points faced by domestic institutions，and puts forward relevant policy suggestions.

Major Achievements have been made in the two-way opening up of the financial sector

"Bringing in" accelerates in recent years

First，foreign investors are increasing the investment in Chinese financial market.  Foreign institutions mainly participate in the domestic financial market in three ways，including interconnection mechanism (Shanghai-Hong Kong stock connect and Shenzhen-Hong Kong stock connect)，QFII and local enterprises. With the steady improvement of China's opening-up level，foreign investors’ confidence in China's financial market has been increasing. According to Wind，foreign holdings of A-shares have reached 3.47 trillion yuan by the end of August，equivalent to 4.7% of the outstanding market value，and foreign holdings of inter-bank market bonds have reached 3.41 trillion yuan by the end of August，accounting for 3.5% of the total custody value in the market. Government bonds and policy bank bonds account for about 85% of foreign investors' portfolios，and some 297 panda bonds have been issued with a total amount of 493.5 billion yuan. The issuers are from Asia，Europe，and North America. The types of panda bonds have expanded from international development institutions to foreign government，financial firms，and non-financial enterprises.