In Mainland China, the achievements of reforms of State-Owned Enterprises (SOE) have been constantly measured by relevant financial factors. In mainstream economics, total factor productivity (TFP) is used to evaluate the productivity of SOEs. These two different approaches often led to different conclusions. This article examines the production and financial aspects of SOEs to measure the productivity and efficiency of SOEs in Mainland China from 1986-2003. We use Data Envelopment Analysis (DEA) to measure technical efficiency of SOEs in different regions of China. The empirical results reveal that while better performance of SOEs has contributed to a prosperous economy, the influence of systematic reform is not explicit except in the period of 1998-2000.