In the social market economy, the most important objective law governing economic operation is the law of value, that is, the prices of goods and services fluctuate with the change of supply and demand, rising when supply exceeds demand, and falling when supply exceeds demand. Every enterprise decides and adjusts its production and operation according to the change of market price, so as to maintain the balance between social production and social demand. This is the main significance of the law of value regulating social production and circulation. Engels said in Anti-Turin that "the law of value is the basic law of commodity production." As early as the early 1960 s, Sun, a famous economist in China, said: "The law is Qian Qian, and the law of value comes first." This famous saying is most suitable for the present socialist market economy. Therefore, we say that we should respect objective laws in economic work, first of all, we should respect the law of value, as well as the relevant laws of supply and demand, competition and so on. All market economic activities, except natural monopoly, have externalities and provide public goods. We should let the law of value regulate, that is, market regulation.