This article firstly reviews the relevant background and process of revising China Maritime Code which is the first comprehensive and systematic revision in over thirty years. After elucidating the new historical mission of the Law in the new era, from the perspective of providing a solid legal safeguard for high-quality development of the shipping industry, it focuses on analyzing seven key institutional developments as follows: harmonizing domestic and international carriage of goods by sea rules, establishing the legal status of electronic transport records, regarding the port operators as actual carriers, prudently increasing limitation of liability amounts, clarifying the non-typical security attribute of ship finance leasing, improving the marine insurance rule system, and introducing countermeasure clauses. Finally, it proposes directional considerations regarding the implementation of new law, formulation of supporting rules, and future legislative development.