To judge China's economic operation condition, resource utilization efficiency is an important measure. The fund led by the current Chinese government has reached more than 3 trillion, but much of the fund is not utilized; what supposed to play a regulatory role in the market failed to guide the fund has become deposits of commercial banks. The fund that should be used to stimulate innovation and entrepreneurship to guide the funds has become inefficient; this shows there is financing system is too rigid and that the reform is lagging behind. China needs to reform the investment and financing system from the system point of view, transmitting resources from the state-owned enterprises to market-oriented platform to achieve the objective of allowing the market to determine resource allocation.