The modernization of national governance capability requires that the stock-based planning practice of local governments should be localized and refined.Taking the regeneration project of Hubei Village as the research object,this paper studies the effects of Shenzhen’s stock-based planning system from the two perspectives of spatial institutional logic and project implementation mechanism.The study shows that the stock-based planning is a kind of spatial system engineering that transfers land from assets to capital,and its effect is embodied in the production and organization efficiency of urbanized space based on open market.It is necessary to carry out systematic institutional improvements for stock-based planning from the perspectives of planning content,planning objective,technical path,etc.,so as to complete the technical transformation from spatial construction to spatial governance.