The contemporary Rural Collective Economy is an important part of the so-cialist public ownership economy in China.In practice,the basic contradiction between the unity of the collective and the separation of the individual impels the Rural Collective Economy to undertake self-adjusting ceaselessly.Taking Lon-grui village of Zhongshan city as an example,this paper attempts to discuss the role and function of the Rural Collective Economy in the process of China's rural modernization by investigating the changes and adaptation of rural collective e-conomy under different market environments,so as to understand the realistic connotation and debugging logic of“Peasant-Collective”in different periods.

First of all,this chapter attempts to draw literary sketch about the genera-tion,adjustment and development of the traditional Rural Collective Economy in collectivization period.In a relatively closed“planned market”environment where the state monopolizes the market of key elements,it focus on the rural collective economy shaped by forcible institution-change how to manage and dis-tribute to achieve the balance between the national tax and farmers survival.The traditional Rural Collective Organization rely on top-down institutional legitimacy and political authority to have the absolute overall planning ability of rural land resources,labor force and agricultural products.On this basis,it has realized the compulsory exchange of agricultural surplus and industrial products between farmers and the state.Individual farmers are highly embedded in the national de-velopment goals.The state constructs the state-led absorbing farmer collective through the highly organized production factor system and forms a pattern of“competing for the interests of the people”.Although farmers who highly de-pendent on the traditional collective economy have some dissatisfaction and even a variety of individual or small-scale resistance,the collective economy of“publicly-owned and publicly-used and sharing type”has constructed a produc-tion relation of“the most common and relaxed distribution”within the village community to alleviate the peasants' sense of“being exploited”.

Secondly,a comprehensive study of the development path,strategy and di-lemma of the New Rural Collective Economy since the reform and opening up,and it mainly includes two aspects:first,the development of modern agriculture under collective overall arrangement; second,the development of collectively owned property under collective operation.In the Pearl River Delta Region as the government decent ralization and a series of“special zone policies”were imple-mented,the three principal factors of production for local industrialization in-cluding land factor,labor factor and capital factor are fully liberalized.A“planned market”monopolized by the regime was replaced by an open market that production factors could flow freely.The traditional Rural Collective Econo-my has realized the transformation through the repeated game and interaction with different market subjects.Thus it is transformed into a new type of the Rural Collective Economy which contains Agricultural Rural Collective Economy with farmland management as the core and Non-agricultural Rural Collective Econo-my with industrial and commercial property management as the core.In the transformation process of rural collective economy,local farmers directly partici-pate in the industrial and commercial labor market to achieve non-agricultural employment,The Rural Collective Economy Organization participates in the land market and the industrial and commercial capital market by virtue of the collec-tive land ownership to seek collective interests,thus forming the developing Peasant-Collective under the collective leadership.The state has delegated pow-er to activate various factor markets so that farmers and Peasant-Collective can get development at the same time,thus forming the relationship between the state and farmers that“benefits the people”.

Furthermore,the distribution order of the New Rural Collective Economy since the 21st century is discussed.The two economic crises in 1998 and 2008 forced the industrial capital factor markets to be debubbled and stabilized.Under the great tension of national food security and local urbanization expansion,the state began to take measures to strongly intervene in the land factor mar-kets.Thus a relatively stable market environment with limited free flow of core production factors will be formed.Under such situation,the Share cooperated System reform of New Rural Collective Economic aiming at the canonicalization and institutionalization of collective management and collective redistribution is gradually put on the agenda.On the one hand,this reform strengthens the con-servatism of non-agricultural collective economy,and on the other hand,it strengthens the dependence of collective members on land rent.In a word,the New Rural Collective Economy has built a a community of rentiers with“high welfare,high dividend,low accumulation and low development”relying on the earnings from property management and the value-added profit of land.

Based on the investigation of the historical changes of collective economy in Longrui village,this paper finds that the dominant relationship at the level of collective management and the public-private relationship at the level of collec-tive distribution jointly shape two ideal types of Collective reproduction of farm-ers,that is,the development of collective reproduction and dissipative collective reproduction.Since the founding ceremony of the People's Republic of China,the rural collective economy is the base of the village community in the Pearl River Delta.However,there are great differences in the relation of State-Collec-tive-Peasant contained in the village community in different periods.In the era of collectivization,the three relations are Weak State-Strong Collective-Weak Peasant,after the collectivization era is increasingly showing a Strong State-Weak Collective-Strong Peasant trend.

Key Words:Pearl River Delta Region; Rural Collective Economy; Peas-ant-Collective; Collective Property Rights; Institutional Change