The ultimate objective of China’s property right system reform should be to reconstruct individual ownership on the basis of the co-owned production materials, which is Marx’s idea. Individual ownership should not be regarded as consumption products owned by individuals, private ownership or pure material form of production materials which are separated from value form owned by individuals but should be the individual ownership which proprietary rights are really owned by self-working and other contributions of every member of the society on the basis of the co-owned production materials. Current state-ownership is still the ownership of governmental department or governmental agencies. China should continue to further property right system reform, take Marx’s individuals ownership system as basic direction, and actively explore and really realize the real form of individual proprietary right on the basis of the co-owned production materials. 