Abstract: The World Bank’s B-READY project includes “whether a legal framework for cross-border insolvency is established” as one of the assessment criteria for regulatory framework completeness under the “Business Insolvency” indicator, requiring an economy to be able to recognize foreign insolvency proceedings and establish a system aimed at facilitating cooperation with foreign courts and representatives. Although the Enterprise Bankruptcy Law of the People’s Republic of China has established a macro framework for China’s cross-border insolvency legal system, it has not detailed the operability of legal norms at the micro level such as jurisdiction, recognition and assistance, and international cooperation in cross-border insolvency, failing to address the complex cross-border insolvency demands in practice. Although Chapter 14 of the Enterprise Bankruptcy Law (Draft Amendment) has systematically revised the cross-border insolvency legal system with the aim of promoting cooperation in cross-border insolvency cases by referring to the “Cross-Border Insolvency” indicator, there is still a considerable gap in specific review standards and action guidelines compared to the good practices by the World Bank, making it difficult to meet the requirements of the indicator. To effectively leverage the role of the cross-border insolvency legal system in connecting domestic and international capital markets, and to create an internationalized business environment, the improvement of China’s cross-border insolvency legal system should further clarify the principles and standards for jurisdiction review, supplement specific rules for recognition and assistance, and establish a regular mechanism for international cooperation, and due attention should be given to cutting-edge issues such as the choice of law and enterprise group insolvency in cross-border insolvency.