This article begins with the century debate in China’s economic circle and expounds the basic principles and core viewpoints of economic sociology. It compares economic sociology with new structural economics, focuses on the two concepts which are comparative advantage and market, and extends to the discussion of industrial policy and competition policy. I will review five aspects of literature that law sociology, economic sociology, comparative political economics, interdisciplinary developmental literatures, international political economics & historical sociology and political economics to sort out the all aspects of China’s challenges including international and domestic aspect, political and economic aspect, then foucus discuss what the current debate on industrial policy and competition policy in China’s economic circles means.