Since the advent of the economic reform in China, much domestic academic attention has been paid to the institutional implications of the financial operation. Over the decades, the relative literature, with no exception, involves analyses of three aspects： 1. heterogeneity of the financial operation in China relative to its classical performance in the west; 2. a tentative justification of the heterogeneity from an institutional perspective; 3. theoretical implications. In this paper, the author aims to review the theoretical achievements in the field with focuses on： the endogenous money mechanism and the intrafamily competition; changes in the national debt structure since introduction of the reform and financial reasons for the low debt ratio; process of the special endogenous monetization and the institutional expression for money demand function; institutional gaming involved in interest rates and high rates differential in the banking system; hypothesis of the weak independence of the central bank system.