This paper evaluated public infrastructure industries economic performance by analyzing the case of electric power and hot water industry, using a set of physical, financial and productivity indicators based on annual data of 36 stated-owned and state-holding industrial enterprises for the period from 1994 to 2003 in China. The main conclusions are as follows: (1) Production capacity of public infrastructure industries had increased significantly in the last decade in particular after 1998, but profit-making and cost-controlling capability were lower and hadn't improved obviously, even became deteriorated in some degrees, which suggested the active fiscal policy which had been implemented from 1998 had significant effects on increasing production capacity public infrastructure industries, but had insignificant effects raising profit-making and cost-controlling capability. (2) Labor productivity of public infrastructure industries had increased significantly and the rate of technological progress and total factor productivity growth improved after 2001, but efficiency became more and more deteriorated.