The Proclamation of Circular No.22 in 2015 and Circular No.63 aim to promote the reform and improvement of the state-owned asset management system. In order to further realize the separation of government，enterprise and capital，and to highlight the reform of the state-owned capital authorization management system，state-owned capital investment and operation companies came into being. This article summarizes the relevant policy system for building state-owned capital investment and operating companies（two types of companies）. Since the release of Circular 23，the focus is on the current status，practices and effectiveness of the pilot，a summary of practical experience，the next development of the two types of companies，and judgment of trend and suggestions on transformation. As the “highlight” of deepening the reform of state-owned assets and state-owned enterprises，the future reform process will be accelerated，focus on key tasks，solve difficult problems，and insist on pushing the pilot reform to the depth.