The key points of this article are: 1. The libel rules in the Code of Criminal law in fact protect reputation and privacy. 2. Such rules establish a dualistic regulation model that imposes different liability standards upon two categories of speech. 3. This regulation model can reasonably balance the conflicting interests between the freedom of speech and people’s reputation and privacy. 4. Speech can be theoretically treated as a kind of product or commodity, and the dualistic regulation model adopts reasonable standards of liability.