Abstract:Since the rural reform,two new types of cooperative economic organizations have emerged in rural China:community-based cooperative and specialty cooperative. Communitybased cooperatives are produced by farmer’s demand for the income of the collective assets of the community,while specialty cooperatives appear to maximize the benefits of farmer’s business operation. The two types of cooperatives solve different rural problems. Both implement the property rights in the form of shareholding cooperation,however,the basis for the formation of property rights is completely different. Both design the governance structure in accordance with the principle of three powers counterbalance,but their governance patterns are distorted. The primary allocation of the two cooperatives attach great importance to the extraction of public accumulation. However,in terms of the secondary allocation,the community-based cooperatives allocate surpluses in line with the principle of allocation based on work,while specialty cooperatives allocate income according to the principle of mixed allocation by person and by shares.