Constructing a modern market system with integrative structure，sound mechanism，unified opening-up and orderly competition is the important content of establishing and improving a socialist market economy system. Generally speaking，China’s reform and opening-up has undergone 2 historical periods，i.e.，building commodity market as the priority and promoting the building of factor market as the priority. The commodity market，the financial market and the labor market are the core of modern market system. This chapter analyzes the course of reform and development of these 3 markets. Although important achievements have been made in China’s modern market system，there still exist many problems. To further the development of and perfection of China’s market system，great efforts should be made in terms of deepening the reform of market economy system，coordinating various interests relations，speeding up establishing social credit system，and improving main bodies of different kinds of markets，oversight of the administrative organs by credit rating and information sharing system.