This paper explores how English language has gradually become a linguistic form of cultural capital in China's zigzag journey to modernization. It situates English's status in flux in historical context, with an analysis at both the international and intra-national level. It showcases the necessity to embed cultural capital within Bourdieu's full framework, and evidences the arbitrary nature of this form of cultural capital for its intimate tie to power and politics. By revealing how English has been officially consecrated as a global lingua franca and then socially recognized for material and symbolic benefits, this paper implicitly problematizes the officially validated cultural hierarchy, argues that the value of a cultural capital is context-dependent, politically and socially constructed, inseparable from the field where it is produced. The present-day English manifests its symbolic power in classification and social stratification, entrenching the already entrenched inequality within and without the national state.