China's Ministry of Finance recently urged state-owned capital to increase its investment in public welfare industries, where it clearly defines the government and the market having differentiated responsibilities in the investment field. It clarified that state-owned enterprises were "social capital" and could participate in various types of investment and financing as social capital. At the same time, it shows that the government finance is unable to make any contribution to public welfare. This is related to the relatively slow progress in the overall reform of state-owned enterprises in recent years, especially the hesitancy in the reform of "management capital".