The newly established China Minsheng Investment Co., Ltd. (Minsheng Investment) shoulders the major task to integrate three typical over-capacity industries namely steel, Photovoltaic and shipbuilding. ANBOUND believes the establishment of Minsheng Investment is indeed a remarkable approach of marketization and power-decentralization. Besides that, it also reflects the responsibility of private capital towards China's economic transformation and upgrading. In the future, Minsheng Investment’s business operation will be the benchmark to evaluate market-oriented reform. The question of how to promote pilot project of Minsheng Investment and turn it into replicable experience will be the "touchstone"to test the route of China’s market-oriented reform.