1. China’s SOEs’ Efficiency Losses: A Survey2. Survival Predicament, Soft Budget Constraints and Economic Growth Cumbrance: Mechanism I3. Financial Repression, Ownership Discrimination and Economic Growth Cumbrance: Mechanism II4. SOEs, Invisible Subsidy and Market Segmentation: Mechanism III5. Upstream Monopoly, Asymmetric Competition and Social Welfare: Mechanisms IV6. Ownership Structure, Growth Differences and Regional Disparities: Mechanism V7. Conclusions