Abstract: Looking back on China’s financial reform and development from a historical and global perspective, we can find out that China has achieved good economic performance by the financial reform with bank reform as the main body. China’s financial development has made historic achievements, which has strongly supported the rapid growth of the China’s economy and has successfully withstood the previous financial crises. It can be said that the path of China’s financial reform is correct. Entering the new era, China’s finance can no longer fully meet the needs of the high-quality development stage. It is urgent to deepen financial reform and promote the high-quality development of the financial industry. Thus, China should continue to follow the path of financial reform based on the needs of current economic transformation and its own practical experience. By further deepening financial reform, China’ finance should move toward optimizing the financial structure, improving the efficiency of financial services and ensuring the financial security and stability.