As far as we know, although the first quarter of 2017 has not yet ended, the number of national high loan cases has already exceeded the total of 2009, which reflects the seriousness of China's corporate debt problems. However, the biggest debt is not from private enterprises, but from state-owned enterprises. Because private enterprises are widely distributed in the local economy, and many debt problems are in a recessive state, so the severity may be significantly underestimated. Through research works conducted in Shandong, Jiangsu and other areas, Anbound research team understand that the local business financing guarantee is very popular, especially in Shandong where the industry is huge but not strong. Common corporate debt default crisis in the economic transition period is deteriorating, which may evolve into regional financial risk.