Recently, Anbound Think Tank noted that in addition to PPP, the government advocates another financing mechanism, which is the industrial investment funds, and this development is very rapid. As of the end of September 2016, the fund size reaches 3.3 trillion yuan. In this regard, we believe that this is essentially a financing medium to attract social capital to participate in the form of equity projects, but for the development of industry it is still doubtful. First, the government as the financial manager of industrial investment funds is not better at screening investment opportunities than market-oriented private equity managers. Second, it is not easy for the governmental industrial investment funds to cultivate advantageous industries. In view of this, one still have to observe if this will produce success stories.