The reform and opening-up campaign has allowed China to reconstruct three transaction entities, namely, the enterprise, the market, and the government. In this process, the transaction rules have also undergone important changes. Both in theory and in practice, in three major areas, the system of ownership, the allocation of resources, and the system of distribution respectively, China succeeded in de-binding three elements, namely, the public ownership, the planned economy, and the distribution of rewards according to labor, from its social system.