In order to alleviate the huge debt problem, China is carefully undergoing de-leveraging. The core of the problem is the debt is too high, but in the national economy, not every area is facing high debt; the most prominent is the corporate debt, among especially state-owned enterprises (SOE). Stressing on the importance to pay attention on the risk of state-owned enterprises debt, we believe that this has important significance in terms of policy. First of all, it is clear that the focus of de-leveraging is state-owned enterprises, which is the core of China's debt problems. Second, state-owned enterprises should conduct market-oriented reform. Anbound Think Tank has repeatedly stressed the need to reform the state-owned enterprises in the form of mutual funds, while limiting the incremental development of state-owned enterprises, and allow private enterprises to develop market growth.