Currently, most local governments in China tend to use non-financial means to bail out state-owned enterprises in the course of resolving corporate debts, but there is a question of whether ordinary people will ultimately be paying for the corporate debt. Anbound research team believes that bank financing is playing an important role in the various ways of enterprise deleveraging. Once the debt-for-equity swap erupts, it will not only lead to social unrest, the central government may also be forced to reveal that the final payers will still be along the chain of "bank - financing - the people".