During the past two years，M & A became an important choice for many industries to cope with the current economic crisis，especially energy and other pillar industries.State-owned enterprises are the absolute protagonist of this “resources integration” wave.The deep participation of the government raised the dispute of “the state advances as the private sector retreats”.Administrative intervention and policy promotion accelerated this integration.In enhancing the competitiveness of the industry and optimizing the industrial layout will inevitably cause some of the negative effects.Therefore，how to rationally deal with the winds of integration of resources，and ensure the sustainable development of the industry，has become the focus of everyone’s attention.Under the guidance of government policies，to balance and coordinate all aspects of the relationship between the interest，respect for the market order，uphold the principles of fairness and moderation，will be the key to solving the problem.