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Abstract: Economics of Transition focuses on the transition from a planned economy system to a market economy system.The great economic transformation since China’s Reform and Opening-up has not only provided vivid practical cases for the study of Economics of Transition,but also served as a boosting force for the improvement,deepening,and transcendence of the theoretical system of Economics of Transition.In the 1980s and 1990s,Chinese economists,especially the young generation,adhered to their close attention to the future and destiny of the country and their pursuit of academic truth,and conducted in-depth research on various major theoretical and practical issues in the process of China’s economic transformation.They have made outstanding contributions to the understanding of the transition from a planned economy to a market economy in the academic community through many high-quality papers,books,reports,and other forms of output,revealing its complexity,arduousness,and transnational differences.With the establishment and improvement of the socialist market economy system,Economics of Transition is being integrated into a broader theory of institutional change.In the next 10 to 15 years,Chinese economists will make breakthroughs in constructing a theoretical framework for unifying the state,government,market,and development policies,making greater academic contributions to the updating and creation of economic development and growth theories.