To deepen the recognition of socialism,we should make in investigation by combining two layers-value concept of socialism and institutional arrangement.Equality(fairness and justice) and efficiency(to liberate and develop productive forces) are not only the basic value but the entitative requirement of socialism as well.Economic and political systems and other systems,especially the economic system,should be constructed on the base of socialist value concept.The practice of socialism in China proves that the great vitality of socialism comes from the system innovations for the better embodiment of socialist value concept.