The contradiction between equity and efficiency is an important issue common to the development of higher education worldwide as well as a problem that many thinkers, politicians, pedagogues, sociologists, and economists, both past and present and in China and abroad attempted to solve. There is an abundance of expositions on equity and efficiency and the relationship between the two, but in practice no one has ever eliminated the conflict between equity and efficiency that seems to prevent both from being had at the same time. In this article, the authors conduct an analysis of the issue of equity and efficiency in the domain of China's higher education today. Research on the issue of higher educational equity and efficiency is largely a matter of the past few years. Although there are many dissertations on the issue of higher educational equity and efficiency, they can be summed up in the points of view listed below: (1) the "conflict theory"; and (2) the "unity theory"; and the "attention-to-both" or "unity-of-opposites" theory. The authors seek to make credit the basis for unifying equity and efficiency in higher education in the hope of resolving the issue of equity and efficiency in China's higher education. With credit as a foundation, the government would be able to improve the efficiency of higher education and at the same time more effectively ensure the equity of higher education. The market would benefit the promotion of higher educational equity while at the same time playing a greater part in promoting higher educational efficiency. (Contains 7 notes.)