Transformation of government functions, innovation of administrative management mode and exploration of new ways to open-up are core tasks of China (Shanghai) Pilot Free Trade Zone, and the biggest challenge is the adoption of negative-list based foreign investment administration. At present, the most difficult point in the Sino-US BIT negotiation is the negotiation of negative list. As a pilot zone, the negative list making of China (Shanghai) Pilot Free Trade Zone must relate with the negotiation of negative list of Sino-US BIT negotiation. This article tries to analyze the formation process and core meaning of negative list, the necessity of linkage of negative list making of China (Shanghai) Pilot Free Trade Zone and negative list negotiation of Sino-US BIT negotiation, and how to realize such linkage