While scholars have thoroughly addressed the question of whether or not China does and will develop along the lines of Western welfare states, few attempts have been made to identify the Chinese conception of welfare and the values underlying the recent developments. This is, however, crucial in order to assess the features and impact of a possible new “Chinese Welfare Regime”. This paper reviews the existing literature to tag the development of social security-related values in China since 1949. The main research questions subsequently are: what is the Chinese conception of welfare and how is it reflected in social policy? We argue, that while the Chinese perception of welfare has changed since the “iron rice bowl” system, embracing new groups and trying to meet new needs, its main rationale and underlying norms persist.