Since reform and opening-up，the evolvement of China’s investment and financing systems can be divided into 4 stages，namely，the initiation stage，the exploration stage，the shunt stage and the deepening of reform stage. As the traditionally highly concentrated and unified investment and financing systems gradually break apart，the bodies，sources and styles of investment and financing in our country become diverse and varied. Even though the reform of the investment and financing systems has accomplished great achievements，it still faces many prominent issues，such as unclarity in the central and local governments’ administrative power in investments，the faultiness of the governments’ investment decision mechanisms，the imperfection of the enterprise project approval and filing systems，the inadaptability of the financing system to the needs of the development of the real economy and the defectiveness of the supervision systems of the government investments.