This study investigates the economic valuation of air-pollution-related health risks in China by applying the contingent valuation method. An individual interview survey is conducted to elicit resident's willingness-to-pay (WTP) for health risk reductions of asthma and mortality. Binary choice WTP question is used in the in-person interview. Using binary probit model, the estimated value of a statistical case of asthma is about US$2300, median VSL estimated is about US $24,000. The issues of private and public provision mechanisms of health risk reduction, and the scale effect of the WTP to the magnitude of risk are also discussed.