Over the years, the problem of excessive growth and backlog of debt has been seen by the outside world as a major risk point for China's economy. Anbound Think Tank researchers believe the debt risk of China's business sector is undoubtedly the most dangerous one, especially non-financial enterprises, which mainly concentrated in inefficient state-owned enterprises, central enterprises, and enterprises of local governments. In the long run, reducing the debt level of the enterprises depends on the correct direction of the reform of state-owned enterprises. If state-owned enterprises only emphasize on making themselves "bigger and stronger", the risk of high corporate sector leverage will be difficult to be resolved; reforming state-owned enterprises is still the key of de-leveraging.