The aim of the paper is to identify the complexity of policy execution, investment and financial support between state-owned and private-owned enterprises in China. Based on the literature review of business model innovation, and current situation of private-owned and state-owned enterprises in China, there is a lack of evidence and case analysis in the power of policy execution and the version of future development between two kinds of industries. The authors conducted qualitative research in four typical industries. Two of them are private-owned and the others are state-owned. The research aims to make a specific comparison between two kinds of industries in China.