This report aims to identify opportunities for improving water policy through the identification, evaluation, and realization of water’s diverse and multiple values in China. The report recognizes China’s significant achievements in water management and identifies remaining and emerging challenges. It presents conceptual and practical approaches to eliciting a wide range of economic, social, cultural, and environmental values of water. Drawing on examples from China and internationally, the report puts forward recommendations for protecting and realizing these values in the context of China’s construction of an ecological civilization. The report is directed toward both Chinese policy makers, and international readers interested in understanding water policy and the way that measurement of values can inform water policy. The challenges assessed in this report suggest that a new generation of smarter water policies will be needed in priority areas. This report is a synthesis of research carried out by the World Bank and the Development Research Center of China’s State Council under the research collaboration, “Evaluating and Realizing the Value of Water in the Construction of an Ecological Civilization for China.” It draws on background papers, inputs, and consultations with a range of experts within the World Bank, officials from the government of the People’s Republic of China, along with universities and nongovernmental organizations working on water-resources-related research in China.