【摘要】This article thinks efficient market has abundant content,and not merely confine to the efficiency market of the stock.According to level of study,efficient market can divides into micro efficient market,regional efficiency market and macro efficient market.Micro efficient is market of Pareto efficiency,and foundation of efficiency market system.But micro market has space failures and economy\,society failures.As to micro market failtures,regional efficiency market is shown as the integration of urban and rural areas market,and macro efficiency market is show as national big market of realization of macroeconomic goal.Analyses of efficient markets is meaningful to China's deficiency of demand.