This paper introduces the operation of Hedong Supply and Marketing Cooperative（Hedong SMC）after the reformation. Under the lead reform of Hedong SMC，Farmers’ Cooperative Association at the county level formed two operational contexts of administration and practice. Relying on Shengmin Agricultural Service Co. Ltd.，the scale management of agricultural service has been realized. In terms of financial services，the pilot model of credit mutual aid was promoted，forming a two-line operation mode of “combination in different level & pilot promotion”. At the same time，it also promoted the project of Cunshegongjian. Finally，this paper proposes that there still exist some problems such as the complicated management system，the insufficient capital turnover and the service capacity difference and the corresponding policy suggestions.