While a pivotal component of the reform of the Chinese economy is that of state-owned enterprises （SOEs），among a series of approaches to reform SOEs，the establishment of mixed ownership arguably takes a center stage. Promoting the mixed ownership reform of SOEs is valuable for further improving their corporate governance structures，enhancing their operating efficiencies，increasing their dominance and influences，and achieving a better allocation of state-owned capital. Since China’s reform and opening-up，the policy making of the mixed ownership reform of SOEs has gone through three different stages—an exploration stage，a development stage and a reform-deepening stage. In the reform-deepening stage，policy makers have not only highlighted the goal and focuses of the reform，but also provided a “1+N” policy package. Furthermore，they have made some details of key reform policies clearer than ever. Under the guidance of these policies，the implementation of the reform witnessed important milestones，including for instance the “Four Pilot Reforms”，the “Ten Pilot Reforms”，the “Double-hundred action”，and the “Comprehensive Regional Reform Tests”. The expansion of pilot reforms’ coverage and the accumulation of experience in this process have enhanced the reform quite effectively. The promulgation of the Three-year Action Plan for the SOE Reform （2020-2022） features a new phase for the mixed ownership reform of Chinese SOEs. It is worth noting that to further promote the reform，it is essential to keep holding on to its goal and focuses—including utilizing the property right reform to enhance the value and allocation of state-owned capital；improving the diversity of investors to increase synergies and competitiveness；differentiating enterprises according to their positioning to better push the reform to different industries；shifting the roles and compensations of executives and establishing an employee stock ownership plan in SOEs.