Since the supply-side reform, the credit allocation from the finance sector is more concentrated in state-owned enterprises (S.O.E.s). It results in a mismatch between the credit allocation and the economic contribution of private enterprises (P.E.s). In China, we find that government intervention in the finance sector to allocate credit to S.O.E.s helps to achieve sustainable growth. Because of the ownership relationship, the credit allocation to S.O.E.s will also produce social or political interests for the finance sector. Based on the stylised facts, this article builds the finance sector credit allocation dual objective mechanism in the framework of the neoclassical economic growth model. It also analyses the influence of government intervention and ownership relationship on economic growth in the mixed economy represented by the socialist market economy with Chinese characteristics. The empirical analysis found that government intervention and ownership relationship were the main factors affecting the efficiency of capital allocation. Further research into whether there is an optimal parameter of government intervention and optimal mixed proportion in the stated-owned enterprise mixed-ownership reform is needed.