Abstract:  The Generalized Theory of Property Rights, with “the property rights of Heaven, Earth and mankind” at the core, is the first field explored by the author among his “Three Theories” (property rights theory, humanistic theory and transformational theory). The exploration process is characterized by four points. First, a theoretical breakthrough is achieved. The generalized theory is gradually expanded and formed on the basis of the narrow sense of property rights theory. Second, the goal of “theory” instead of “techniques” is achieved. The ultimate goal is not the construction of a technical operating system of property rights, but a “generalized theoretical cornerstone of property rights”. Third, an integration of man and industry is achieved. The author abandons a unilateral paradigm of “isolated theoretical studies of property rights” while seeking to integrate “Generalized Theory of Property Rights” into “Humanistic Economic Theory”, which is a reform path of “dual promotion of property rights and humanistic concern” with the greatest common divisor. Fourth, the concept of “harmony between man and nature” is adopted. The author follows the same spirit as Sima Qian held while writing his Historical Records: “A unique theory can be shaped only by inquiring into the relationship between man and nature and the laws governing the past and present.” So the consideration of a community of shared future for mankind is further expanded to a community of shared future for Heaven, Earth and mankind. The process of constructing the Generalized Theory of Property Rights reflects the profound transformation China’s property rights have experienced from theory to practice over the 40 years of reform and opening up. 

Key words: Key words： property rights of Heaven, Earth and mankind, Generalized Theory of Property Rights, a community of shared future for Heaven, Earth and mankind, 40 years of reform and opening up, institutional innovation ,