Abstract: The comprehensive and objective evaluation of the operational efficiency of China Development Bank (CDB) is the basis of commercial restructuring. Because CDB is a policy financial institution dedicating to long-term credit and investment, the evaluation of the operational efficiency should be avoided entirely from the one-dimensional financial perspective. The operational efficiency of CDB is analyzed based on financial ratio analysis and co-integration test from the perspectives of micro-management efficiency and macro-economic benefits. The results show CDB should advance gradually on the road to commercialized reform and achieve an impressive alignment of shareholder return and risk management, thus serving the interests of our country