The government-led construction of development zone was once a "magic key" of China's rapid economic development. But if the construction scale is overlarge, the industrial foundation is weak, the debt is high, addition to the macro situation changes, then such a zone might emerge as huge problem. Caofeidian Development Zone in Hebei Province is a typical risk case and sings a dirge for government-led large-scale development zone construction model. The future economic transition of China needs a thorough market-oriented reform without the government interference.