The main purpose of this paper is to investigate the idea of equivalence in Chinese modern translation theory. The concept of equivalence is a central concept in translation theory and is defined as a measure of semantic similarity between texts in different languages. In 1954, a Chinese journal published a paper, which introduced the concept of translation equivalence proposed by A. B. Fedorov. Thereafter, this theory has raised enough concern by many scholars from China. In being embraced by generation after generation of Chinese scholars of translation, equivalence is clearly discernible on the terminological level of Chinaʼs discourse on translation. We do some statistical analysis for a lot of papers themed with equivalence in CNKI. The results show that the concept of equivalence has undergone a process of change in translation studies in China. This is evidenced by the fact that discussion on the applicability of the theory has continued up until now. The results of statistics of keywords in papers themed on “translation” and “equivalence” in CNKI show that new terms were generated and the system of terms of Chinese translation theories has been established on the basis of this theory. The results of this study suggest that a holistic translation theory is being gradually developed in China by integrating the Chinese traditions of translation with Western advanced translation theories.