The Decision of the Central Committee of the Communist Party of China on Several Significant Issues in Promoting Rural Reform and Development passed at the Third Plenum of the Seventeenth National Congress of the Communist Party makes it clear that the “current contractual land relationship should be kept stable and unchanged for a long time”，which changes the former wording of “ensuring long-term stability of contractual rural land relationship” and means there will be no limitation on duration of contractual land right and the right will be perpetuated.Therefore relevant laws，regulations and supporting policies should be drafted as soon as possible.Perpetuation of contractual land right requires rebuilding of the functions of contractual land right.Although the current system has acknowledged possession，use and the profiting function of contractual land right，it limits its right of disposal.Attention should be paid to improvement of its right of disposal in improvement of its functions.Therefore，it’s very necessary to distinguish creditor right disposal from property right disposal clearly.Subcontracting，renting and other creditor right disposal without changing the main bodies of contractual land right should be allowed under the concept of contractual freedom and transfer，exchange，stock cooperation and other property right disposal with the characteristic of changing the main bodies of contractual land right should be fully guaranteed under the precondition of perfecting rural social security and expropriating contractual land right of the function of social security.Meanwhile，mortgage by contractual land right acquired by way of household contracting should be allowed to fully realize the exchange value of contractual land right and expand the scope of effective rural guaranties.Inheritance of contractual land right as property of specific rural households should also be allowed under perpetuated contractual land right.