Under the new economic normal，how to break the conventional development mechanism of state-owned enterprises，explore the reform of urban investment and financing system，and inject long-term innovation and development genes into the new development of the city has become an important direction for the exploration and efforts of many government investment and financing platforms. Since its establishment，Changfa Group has adhered to the road of reform，integrated its state-owned resources，and led by innovation. It has become the “main channel” for urban investment and financing innovation. This paper reviews the background of Changfa Group's investment and financing system reform in the new era. And key practices，summing up the results achieved，in order to provide some ideas and experience for the top-level design，innovation mechanism，operation management and other aspects of investment and financing system reform for enterprises facing similar difficulties in the urban investment industry and seeking new ways.