Mutual recognition regimes for financial services have played an important role in the history of governance in the area of international finance. Under the GATS framework, MRAs for financial services are seen as an exception to MFN treatment and are considered as proactive integration approach for one member. However, a number of problems with MFN during the GATS period lad to a lesser role for MFS as an exception, and the CPTPP fixes some of the MFN loopholes and modifies its provisions in the hope that members will more actively promote mutual recognition. At the same time, in the context of financial market fragmentation, cross-border regulatory organizations have issued papers to support the promotion of MRAs for financial services. Mutual recognition of financial services, despite regulatory differences and negotiation difficulties, can increase liquidity, improve the efficiency of SMEs going global, and help build international financial centers in places such as Shanghai and the Greater Bay Area. In light of this, China should move forward with the negotiation of a Mutual Recognition Treaty for financial services, take advantage of the small circle of CPTPP members, and select key cities as pilots to implement these rules.