The concept of ownership originates private property，state ownership is the product of the compensation for the defects of private ownership.But the metaphysical subject and“government failure”are the puzzles to state ownership of public power.Therefore，the existing fields and the extent of existence of state ownership depend on the role of“economic man”of human being，the development of social productivity，State administration and democratic rule-of-law level，and other factors.The process of social development which is accelerated artificially suffers inevitably the punishment of natural law.Therefore the reasonable market positioning of state ownership is the basis and premise of ruling by law of state-owned property.

Based on the theory of state ownership，this paper expounds systematically the concept and characteristics of state-owned property from juridical logic，the relationship of state-owned property and state-owned assets，the theory of national public property and national private property and the legislative classification of state-owned property.In China's current development of social productivity and state administration level，state-owned property shall locate in overcoming“market failure”.On this basis，the paper analyses the differences on the law applicable between state-owned property and private property.Then the paper analyses the concept，nature，characteristics，the regulating object and legal relationship of state-owned property，and other basic categories of state-owned property.State-owned Property Law shall belong to the category of Economic Law，hoping to construct the branch department law system in Economic Law.

The paper systematically reviewed the history and present situation of Stateowned Property Law at all times and in all over the world.Because of the institutional arrangement of public power of state-owned property，private property is the main content of the property law，state-owned property has been experiencing the transformation from“royal property”to public property.The international legislative experience of state-owned property mainly includes the rule-of-law path of the nationalization of private property and the privatization of state-owned property，the respective ownership of public property and its respective legislative regulation，the differences on the law applicable between national public property and national private property，the classified legislative model of state-owned enterprises generally，strengthening the regulation and its legislation of administrative property，especially estate generally etc.Thus，China's State-owned Property Law not only faces the defects of the legislation of state-owned property，but also facing the reasonable market positioning of state-owned property and the institutional arrangement of public power.Public power of state-owned property decides the key of the management of state-owned property depends on the reasonable market positioning of state-owned property and the institutional arrangement of public power，namely，the development of social productivity，state administration and democratic rule-of-law level，the legislation of state-owned property has only a relative significance.

Therefore，from the structural bottleneck of state-owned property law itself，on the one hand，we must accelerate the reform of market transition of stateowned property，analysing its problems，and puting forward the corresponding countermeasures，according to the experiences and lessons of the transition countries of former Soviet union and Eastern European countries，and other countries； On the other hand，we must construct the respective ownership of the relationship of state-owned property between the central and local authorities，establish the hierarchy of the respective ownership and property division etc.From the legislation of state-owned property，according to the legistive principles of the respective legislation between the central and local authorities，the calsscified legislation，the separation from the functions of social public management and the functions of the investors，the differences on the law applicable between national public property and national private property，restriction and balance of powers and social public interests etc.，the paper puts forward the legislative suggestions to the Constitution and Civil Law and related department law involving the regula-tions of state-owned property.And then，the paper puts forward the legistive idea of state-owned property，suggesting to formulate the Reform Law of State-owned Property，as the basic law of the reform of state-owned property； Suggesting to formulate State-owned Property Law in mature conditions，as the basic law of state-owned property； Suggesting the calsscified legislation according to stateowned property of the character of the enterprise，state-owned property of the character of the administrative units and institutional organization and state-owned property of the character of resource etc.Once achieving these goals，we can construct to conform to China's current legal system of state-owned property.

Keywords：State ownership； National public property and national private property； Market transition of state-owned property； Respective ownership； State-owned Property Law