State-owned assets management system is the synthesis of those rules about the administration of state-owned assets，the partition of rights and liabilities，and the methods of management. The core of the reform of state-owned assets management is partitioning the rights and liabilities suitably among the different levels of governments and administrations. The earlier researchers though that the owner of means of production should simultaneously take the responsibility of the using of them. In other words，the state-owned economy means both “state-owned” and “state-run”，and this is how the title of “state-run enterprise” come about. Since the reform and opening in 1978，the direction of the reform of state-owned assets management is separating the enterprises and governments，separating the rights of owning and running，building up the modern enterprise management system，and accomplishing the transformation，extrication and development of the state-owned enterprises （SOEs）. After the establish of the State Asset Supervision and Administration Commission （SASAC），a state-owned assets management system combining the managing of assets，human resources and issues was set up. In the year of 2013，the new government was established. The Central proposed the strategy of deepening reform in an all-round way along with the new normal status of the economy. On 24^th August，2015，the Central and the State Council issued the Instructions on Deepening the Reform of State-owned Enterprises and supposed to refine the state-owned assets management by focusing on capital managing. If the modern enterprise management system can be seen as the milestone of the first stage of China’s reform of the state-owned for-profit assets management，the transformation from “enterprise-managing” to “asset-managing” then to “capital-managing” is the fresh new view on the current reform of SOEs. This means that China begins to see state-owned assets managing from the view of capital operating. The management of state-owned assets is no longer focused on the physical assets，but on the owner’s equity of the state-owned assets in the form of shareholder rights. The management of fixed asset changes to the management of capital which is more flowable. Thus，the value preserving and increasing of the state-owned assets becomes critical，not the industries of the operating，the distribution of control rights，the behaviors of producing and business running，nor the identity of human resources. Since then，the reform of the state-owned assets management keeps moving on，taking capital management as the mainline.