In order to achieve enterprises, especially state-owned enterprises deleveraging, Chinese central government has launched a new round of debt-equity swap, and once again asset management companies (AMCs) are identified as the core implementing agencies. Anbound research team believes that under the current economic downturn, the business outlook of Chinese AMCs is not too optimistic. This is especially true for local AMCs; the local governments and regulators should increase their policy support to the local AMCs utilizing their advantages in information, location and network to play the role of "dissolving financial risks, revitalizing financial stocks and stimulating financial growth", and help the AMCs to gain larger market space.