Reforming state-owned enterprises is one of the major focuses confirmed in the reform agendas of the 3rd Plenary Session of the 18th Central Committee of the Communist Party of China, though the development of the reform is slow in recent years. According to Anbound's scholars, under the New Normal of China’s economy, the reform of state-owned enterprises is of survival issue. If the reform is conducted with the previous way of thinking, including the current mixed ownership reform, it will create a lot of difficulties. The most effective way of reforming the state-owned enterprises is through mutual funds, changing from administrating specific enterprises to administrating the assets; this will not only preserve and increase the appreciation of the state-owned enterprise, but will also create space for marketization.