According to recent reports, the Chinese version QE will probably be introduced. In the opinion of ANBOUND research team, the immediate goal of Chinese version QE is to solve the problem of local government debt replacement. But at a higher level, it aims at making up the national balance sheet and injecting liquidity to Chinese economy. Both the introduced time and intensity of Chinese version QE will exceed expectation. By such means, a favorable environment for the reform of next phase will be created.