The sustainable growth is the corporation's final object to the maximum of the stock-holder's wealth. To validate the development of the Chinese public companies after Dengxiaoping's Nanxun speech ,this paper tests the sustainable growth status of the Chinese public companies during the period from 1993 to 2000 by using mathematical statistics method and sustainable growth model brought forward by Robert Higgins and James Van Herne. These companies are classified by trade. The test results show that no trade realized sustainable growth except electronic and electric trade. Results also indicate that public companies in light industry and agricultural sectors have a trend of under-investment while those in other sectors have a trend of over investment.