Will the major issues raise by the 2012 NPC & CPPCC remain a government' s concern and will it be implemented at the policy level? The two questions certainly have direct impact on the future development of China's economy and society. Both internal and external trends had already pushed the needs of transformation to another higher level. Therefore, the questions of how and when China will start the transformation have become the market focus. As expected, 2012 will be another new phase for China's reform.