In China, many market reforms would often face institutional problems. However, within the established ownership framework, could there be state-owned enterprise reform breakthrough? That is actually possible. In 1998, when the Swedish government was promoting the reform of public commercial assets, the government set up a state-owned holding company (or national wealth fund), making the enterprise asset as portfolio and implemented ownership management and asset management. This is in fact consistent to the systematic thought of "reforming state-owned enterprises by mutual funds" previously proposed by Anbound Think Tank. The ownership of state-owned enterprises in China has changed from the enterprise form to the capital form, and the state manages the assets through funds. Immovable ownership can still seek breakthrough in state-owned enterprise reform. The Chinese market needs urgent state-owned enterprise reform now.