The Siyuanhe Fund, co-founded by the Office of the Central Leading Group on Financial and Economic Affairs and the Paulson Foundation of the United States, is a China-U.S. joint venture, purely market-oriented private equity investment fund. Siyuanhe Fund is involved in rescuing Chongqing Iron and Steel from its heavy debts. This is an experimental but ambitious reform fund; if it can successfully rescue the company, it will undoubtedly set a market-oriented model for China's state-owned enterprise reform. This means that the transformation of state-owned enterprises with mutual funds has started.