diff --git a/Misc/NEWS.d/next/Build/2018-09-26-18-57-43.bpo-34814.tv7fIY.rst b/Misc/NEWS.d/next/Build/2018-09-26-18-57-43.bpo-34814.tv7fIY.rst
new file mode 100644
index 000000000000000..4842b6ab039f9f9
--- /dev/null
+++ b/Misc/NEWS.d/next/Build/2018-09-26-18-57-43.bpo-34814.tv7fIY.rst
@@ -0,0 +1,3 @@
+Fix Modules/makesetup script for shared libraries. When Modules/Setup is
+modified to compile C extensions as shared libraries using Makefile, make
+sure that the generated shared library is linked to libpython3.X.
diff --git a/Modules/makesetup b/Modules/makesetup
index c7b0a60400cf29e..06a96fbc357df6c 100755
--- a/Modules/makesetup
+++ b/Modules/makesetup
@@ -247,8 +247,8 @@ sed -e 's/[ 	]*#.*//' -e '/^[ 	]*$/d' |
 			case $doconfig in
 			no)	SHAREDMODS="$SHAREDMODS $file";;
 			esac
-			rule="$file: $objs"
-			rule="$rule; \$(BLDSHARED) $objs $libs $ExtraLibs -o $file"
+			rule="$file: $objs \$(LDLIBRARY)"
+			rule="$rule; \$(BLDSHARED) $objs \$(BLDLIBRARY) $libs $ExtraLibs -o $file"
 			echo "$rule" >>$rulesf
 		done
 	done