Four Principal Issues of China's Institutional Economics Study

China is moving from a rural agriculture -based economy to an urban-industrial economy, from a command economy to a socialist market economy --in its own way, doing pragmatic things that we could never have imagined. The Western new institutional economics has played important role in China's economic system reform, at the same time, China's economic system reform provides examples, which can be used as an object of institutional economics study. The paper holds that there are four main issues of China's institutional economics study: 1.institution is result of natural evolution or it designed by human being, we should pay attention to institution natural evolution mode; 2. the relationship between formal constraints and informal constraints;3.the relationship between induced institutional change and compulsory institutional change; 4.institutional design and institutional implement mechanism, we should pay more attention to institutional implement mechanism.