At present, the WTO is facing multiple crises. Many members have publicly expressed their support for necessary reforms of the WTO, but there are still large differences among members. This paper briefly introduces the background and trend of necessary reform of WTO and expounds the suitability of WTO as the preferred negotiation platform of multilateral investment framework. This paper proposes that, as a staunch supporter and defender of the multilateral trading system, China should not only promote necessary reform of the WTO and the multilateral investment framework, but should also explore applicable international investment standards for the pilot free trade zone and avoid the trap of blindly pursuing the highest standards. WTO reform, negotiations on investment facilitation and the construction of pilot free trade zones should be guided by China’s practices.