The structural mismatches between China's financial and economic systems call for the restructuring of China's existing financial service system. Authors hold that the restructuring shall mainly head for the private economy, rather than for small and medium businesses. The state-owned commercial banks are the necessary members in the prospective financial service system, where they have an important role to play. When developing private banking businesses, the dual track strategies of " transformation" and "construction" shall be practiced, though one can not constitute a substitute to another, nor can one go without the other.