China’s rural collective ownership essentially has the logic of collective member right priority, therefore, rural collective ownership should be persisted to develop and enlarge the rural collective economy, the reform of rural collective property right system should insist on the principle of collective member right priority. Based on the examining the pilot area of partial rural collective assets share right reform, this paper finds that, in some places, static state management is conducted on equity time limitation, the inner unlimited share transaction and bestowal are permitted , and the inheritance of the shares of non-collective-member is not limited, which deviate from the logic of collective member right priority practically, which support the western logic of private assets right priority of contemporary equity theory, and which can possibly cause that collective economy is changed into private economy. The root cause for above problem results from insufficiently understanding of the essence of collective ownership. We propose to define the rural collective member identity based on the household register and long-term residence, take into account the dynamic management on collective member identity and collective assets shares based on the dynamics of rural collective members, insist on the community in where the shares are tansacted and in which the shares are not limited, and uphold that what non-collective-member can inherit is only the gain from inner transfer or from collective redeeming and setting up the upper limit for the proportion of shares which individual member hold.