Scholars have realized that the current Laozi text with commentaries by Wang Bi should not be taken as the original version that Wang read personally.Both the Mawangdui manuscript Laozi and the Guodian Bamboo-slip Laozi have provided textual evidence supporting this belief.The Peking University text(aka the Beida Laozi) also offers fresh glimpses into current discussions.The Beida Laozi shares philosophical and philological similarities with the current,received Laozi.It also provides significant new insights into three aspects of the received version of the text:(1) the relations among Dao,Heaven and earth(tiandi),and the myriad things(wanwu),(2) the relationship between Dao and the mother of the myriad things,and(3) the"inferior virtue"(xiade).Even so,the two versions should not be said to trace back to the same textual tradition,because there are various differences between them.By comparing the Beida Laozi and the current Laozi,this paper argues that the Beida Laozi is not a forgery,and further argues that the Beida Laozi provides a new way to rediscover the value of the current Laozi text with the commentary by Wang Bi.