Reform and opening-up is one of the most marvelous stories of China. Thanks to reform and opening up, China has boosted its economic development and improved people’s wellbeing. China’s reform and opening up has also reshaped the global economic and financial landscapes. China’s stories depict its phenomenal economic development and the evolution of its market economy model since reform and opening up, as well as the continuous innovation in economic theory. More than 40 years into China’s reform and opening up, our theoretical research on it remains in the stage of plain description and simple storytelling, commented an official of the International Monetary Fund. China’s economic theory is not yet well studied and has a long way to go. This chapter will focus on the stories about China’s reform and opening up and innovation in economic theory.