Abstract:  Golden share has played an important role in the privatization progress of foreign telecommunications companies Currently, in deepening the property rights reform in China’s telecommunications industry, golden share, as a new controlling form of telecommunications companies, has great research value The practice of golden share system in telecommunications industry in the United Kingdom, Germany, Italy, Spain and Portugal is analyzed The obstacles faced when  introducing golden share to China’s telecommunications industry is discussed from property rights reform guiding ideology, state-owned assets management system, regulatory legal system, actors game, private capital strength, and so on Golden share in China’s telecommunications reform is designed, the key of which is to break through original system’s locking status and path dependence dilemma, to establish and perfect the telecom legal system, to carefully design the control of government, to clearly define rights and criteria, and so on

Key words: telecommunications reform, golden share system, privatization