China’s macro tax burden and the competitiveness of domestic enterprises suddenly became the focus of social concern under the hot debate of the "fatal tax rate" in 2016. By using 2006-2015 provincial panel data except Hong Kong, Macao and Taiwan, the influence of macro tax on the investment growth rate of different types of registered enterprises (state-owned, private and other types) are analyzed in this paper, their threshold effect is analyzed based on taking marketization index as threshold variable. The results show that the inhibitory effect of macro tax burden is not global but lies only in the individual private sector. The investment growth rate of state-owned enterprises, foreign-invested enterprises and others, as well as the economic structure of ownership is not significantly affected. Further, it’s also found that the inhibition effect of macro tax burden on the investment of individual private enterprises is characterized by threshold. The inhibitory effect can significantly decay when increasing the degree of regional marketization. Thus, China should further enlarge the preferential tax policy on micro-enterprises and firmly push forward the market-oriented reform.