Most resources-based cities have experienced a process of combination to separation of government-enterprises; however, a combination in management still exists in some cities, marked by a complicated relationship among central government, local government, state-owned enterprises and private enterprises in resources-based cities. This paper, based on a case study on Panzhihua City, analyzes the conflicts of state-owned enterprise in taking social responsibilities, offsetting deficient urban construction, developing regional economy and maintaining social stabilization among the above-stated four units, and presents some approaches, aiming at providing a reference for governments and enterprises to make policies and strategies.