This essay is meant, form a western historigraphical point of view, to discuss the development and importance of the discourse of modernization in the historical accounts of Ray Huang (Huang Jen-Yu, 1918-1999). It points out that Huang's discourse of modernization gets its momentum only after the publication of Taxation and governmental Finance in Sixteenth-Century Maing China (1974). In order to balance the powers of historicism and teleology co-existing in his writings, Huang urged historians to undo moralist judgment of historical agents, but only to figure out the structure of traditional society in China. Never the less, such a balance based on his structuralism is only to shift in favour with teleology in his later publications. Besides, this essay argues that as Huang was preoccupied with the concept of modernization or ontology-accordingly, Huang's representation of Chinese ancient society is despised as a non-existence of modernity- his history of modern China is guilty of the lack of historical descriptions or historicity, particularly in comparison with the historiography of Chinese westernization introduced in the late Ch'ing Dynastyl. This essay concedes, however, that in terms of historiography 1587, A Year of No significance (1981) remains the best among Huang's later writings. Although, in that work, the theory of non-presence of modernity in China reminds readers of the rationalist historiography of the philiosphes, Hung did not reduce history to a theory as he was apt to do in later publications. Readers can certainly find themselves enjoying the brilliant stories about the late Ming society, if they do not conceive the clandestine theory of the non-existence of modernity that, in turn, helps Huang to take a stance of sympathizing with the ancient society of China. Furthermore, while this article admits merit to Huang's comparative studies of capitalism and Chinese traditional society, it argues that modernity can be well beyond the parameter of capitalism. For Huang, odernity was little more than that embodied in the rationality of calculating and technological devices of capitalism. By introducing the writings of Burckhard and his critics this article raises readers' attention to humanist tradition of modernity discourse. It maintains that both Burckhardt's Kulturgeschichite of the Renaissance and Huang's historiography of capitalism modernity are stimulating and insightful but at the grave expense of the historical continuity.