The twelfth China Annual Meeting of Institutional Economics was successfully held at Shandong University from Nov 17, 2012 to Nov 18, 2012，sponsored by the Center for Economic Research, Shandong University. Over 200 people attended the meeting.

Geoffrey M. Hodgson, prominent institutional economist firstly demonstrated what is capital and capitalism, then clarified the varieties of capitalism and their common essence. Jinchuan Shi, Dean of the College of economics, Zhejiang University took the city of Wenzhou for example, analyzed the mechanism of contract execution and private financial risk. Shaoan Huang, Dean of the Center for Economic Research, Shandong University discussed land expropriation in both narrow and broad senses, and the difference in compensation for land expropriation between city and rural area. Jun Wang, Dean of Guangdong academy of social sciences interpreted the relationship among urbanization, structure transition and system reform. Hong Sheng, Professor of the Center for Economic Research, Shandong University illuminated the profound relation among horizon, human instinct and human society. Rongzhu Ke, Doctor of Chinese University of Hong Kong finally made a presentation on “Rosca: a mutual insurance mechanism under privately known shock”.

A series of discussion groups have been timetabled on the afternoon Nov 17, 2012, and the closing ceremony was held on Nov 18, 2012, there are six excellent paper was selected by the annual meeting.