The provision of fishing right in Article 123 of Property Right Law of the People′s Republic of China is to entail reforming China′s marine fisheries management with a view to establishing marine fishing right regimes. Such regimes bear the objective of sustainable utilization of fisheries resources. Read together with Article 8 of General Principles of the Civil Law of the People′s Republic of China and Article 46 of Property Right Law of the People′s Republic of China, the spatial scope of marine fishing right regime, under Article 123 of Property Right Law of the People′s Republic of China, should be construed as within sea areas over which China has sovereignty, such as the territorial sea and the internal sea, not including Exclusive Economic Zone (EEZ), while other marine fishing right regimes with different legal nature could be established within EEZ. In the light of existing fisheries management measures in China, there are three alternatives based on which marine fishing right regimes could be established, namely fishing license, horsepower index of vessel engine and fishing quota. The paper proposes it would be the better choice to establish marine fishing right regimes based on horsepower index of vessel engine, considering the development tendency of international fisheries management and governmental reform and community construction in China. As for allocation of fishing rights, fishing rights within landward limit of the territorial sea and fishing rights within EEZ should be dealt with separately due to their different legal characters. With respect to the former rights, they should be allocated by the government to local fishing communities equally with a view to achieving social equity, where local fishermen and fishing vessel owners should have priority over others, such owners of fishing companies or investors from other parts of China. In contrasting to the former rights, the latter rights could be auctioned to all potential buyers with a view to achieving economic efficiency, taking into account of fishing vessels having already operated there. In so doing, it will help realize the objectives of fisheries management, introduce output control management system into China′s fisheries management, and improve the performance of fisheries management.