The promulgation of Chinese Charity Law in 2016 was expected to break the long-term monopoly of governmental charities in public fundraising，However，disputable fundraising events still happened from time to time during the Post-Charity Law era，indicating internal institutional contradictions of the Law. In order to examine the logic of Charity Law’s institutional adjustments on public fundraising regulation，this paper，employing a framework of State-Society relation，historically examines all related laws and policies of China that deal with the fundraising regulation issue since the reform and opening-up. It is revealed that the controlling mentality of state towards civic public fundraising has been dominating the field all the way，and the recent loosening of state control was compelled by bottom-up social momentum. The paper argues that，under the constant influence of state control mentality，the institutional adjustments of Charity Law on opening space for civic fundraising tend to be quite passive and endogenously contradictory，which would bring about both validities and limitations of the Charity Law in practice.