Abstract: According to the statistical data from 1998 to 2022 released by Chinese government, this paper makes a detailed research on the total capital, industrial layout, value creation capacity and technological innovation capacity of Chinese state-owned enterprises (SOEs), and makes a statistical analysis on the changes in proportion, industrial impact, regional layout, profitability and the intensity of research and development (R&D) of Chinese state-owned industrial enterprises, so as to draw a picture of the development of Chinese SOEs over the past two decades and more. The research shows that from 1998 to 2022, the financial indicators of Chinese SOEs have realized ten times of growth and above, the growth trend of Chinese SOEs has converged with the general trend of China’s economic development. At the same time, Chinese state-owned industrial enterprises have achieved absolute expansion in scale and relative decline in proportion. The Chinese state-owned economy has a large room for optimization of the layout, structural adjustment and functional enhancement, especially in manufacturing and technological innovation.