It is not an easy task for Shanghai Free Trade Zone to achieve any reform breakthrough. Anbound research team highlighted that the expectation on reform breakthrough should be lowered. Since there is still much controversy over several key reform measures, it is rather difficult for the pilot FTZ to move forward due to the concerns of risk and arbitrage. If the reform dividend and the bonus of joining WTO have subsided, then it is impractical to place high responsibility on FTZ to lead China into the fourth decade of reform.