Considering the new start of SOEs' reform that is reflected by the merge and reconstruction of state-backed firms, ANBOUND think tank scholars highlight two drawbacks: firstly, according to the latest information, the target of the decision makers pushing forward SOEs reform is to improve the state-backed firms’ competitive power, however, which will damage the followed market-oriented reform; secondly, transforming the state asset operating model from company management to assets control evolves slowly. In a bid for achieving the long-term target of benefiting China’s market development, the government should speed up the state asset operation reform with the market-oriented reform.