From November 2013 to the present, the progress of China's state-owned enterprise reform is not balanced, and mixed reform has become the mainstream of state-owned enterprise reform ideas. However, Anbound believes that the mixed-reform is not the fundamental way of state-owned enterprise reform, and neither is it an effective solution for China's market-oriented reform. We believe that when the mixed-reform of state-owned enterprises encounters obstacles, state-owned enterprise reform will return to "mutual fund" ideas as proposed by Anbound, which is the full introduction of the management of social supervision in state-owned enterprises. The government will avoid direct investment to prevent mixture of politics and enterprises to attract private participation. The relevant notice issued by the State Council recently confirms that the reform of state-owned enterprises is changing towards this concept.