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In the 40 years of reform and opening-up toward a more rational micro-economic structure, the proportion of output of state-owned enterprises shows a declining trend. Over the past decade, on one hand, the operational efficiency of state-owned enterprises has tended to be low as compared to other ownership enterprises; on the other hand, the asset–liability ratio of state-owned enterprises has risen against the trend, and still remains high under the recent national policy of “deleveraging.” The paper aims to discuss this issue.,This indicates that the inefficiency of state-owned enterprises that once hindered China’s economic development has not yet been fundamentally solved, and the task of deepening state-owned enterprises reform is still arduous.,In the process of establishing China’s modern economic system, there will be some “new state-owned enterprises” growing into world-class ones. This requires more effort in enhancing the capacity for independent innovation, improving the level of organizational control, expanding international market opportunities and fulfilling enterprise social responsibilities with high standards.,It is more appropriate for China to have a micro-economic structure in which public ownership predominates and diverse forms of ownership enjoy common prosperity and development.

State-owned enterprises in China: their reform process, performance efficiency and future road