"Fazhijingji (Rule of Law Economy)" is the Chinese expression of the essential characteristics of the legal aspect of the market economy. The logic of the development of “rule of law economy” has two aspects. The first is the rule of law framework established to solve the common problems of the “standard market”. The second is the rule of law techniques established to solve the unique problems in the development of the market economy in a specific country. Since the reform and opening up, the basic framework of the rule of law needed to solve the common problem of the "standard market" has gradually taken shape in China. The supportive concepts that integrate all essential elements of the market economy have also been embodied in the official documents of the state and the ruling party in different periods. The most important conundrum of China's market economy, namely how to implement the market economy on the basis public ownership system, has been basically solved through the state ownership representative system, the corporate property system, and the change of the status of the state from that of an "owner" to that of an "investor". After nearly 40 years of development, the rule of law basis of the market economy in China has basically formed and China's socialist market economy is, on the whole, already an economy under the rule of law.