Abstract: This paper examines the great changes in the world from the perspective of the change of economic institutions. From this phenomenon, the great change of the world is that the emerging economic leading countries are gradually surpassing the former economic leading countries in terms of economic aggregates and political influences, but this surpass is determined by deeper factors. The great changes in the world are driven by the change of economic institutions. This paper reviews the changing process of economic institutions in the world's great changes in the past five hundred years, analyzes the major challenges faced in technology and economic systems. Then, probes are made into the compatibility of China's basic economic system with the logics of multiple systems, and the realization of multi-level and multi-dimensional subjects, and its advantages of governance and combinatorial evolution. It holds that China's economic system has a strong plasticity and innovation potential, and its inherent institutional advantages determine its possibility of successfully completing the three tasks proposed by the great changes in the world today.