If China's economic growth is in L-shaped for long-term, how would it seek new development breakthrough? Which reforms are the most crucial? Anbound research team believes that when the economy is at the stage of downturn L-shaped phase, the policy can be easily guided by short-term pressure to form a "steady growth" effect. However, the main contradiction in China's economy is not cyclical problem, but profound structural problem. There are three major types of reform that should be given priority to be promoted and to achieve breakthrough; these are state-owned enterprises reform, market-oriented reform, and investment-financing system reform. It is only through these reforms that China will be able to improve the current situation and locating new policy and market space.