During the process of Medical Insurance System reforming，there was a period when sever health inequity exists in China. This paper constructs a framework for analyzing financing equality. It studies the equality issue of Guangzhou’s Medical Insurance System from the perspectives of coverage and financing burden. It argues that the medical insurance system in Guangzhou is an integral one. Yet，the fairness between urban and rural area and the burden of total health expenditure still needs to be improved. Increased financial input is needed to control the increasing health expenditure. The government should also improve the efficiency of health cost allocation among various medical institutions.