The SASAC (State-owned Assets Supervision and Administration Commission of the State Council) recently dubbed the SOEs (state-owned enterprises) as the "people's capital". This is certainly a progress in itself since no party in the past would view the SOEs as within the economic perspective. However, in order to turn capitalized SOEs into real "people's capital",China still need to steadily promote reforms of these enterprises. The departments concerned should seriously think about "reforming the SOEs through the mutual fund mode", as has been suggested by Anbound's Chief Researcher, Chan Kung.