Over the past decade, with the Chinese policy that encourages Chinese enterprises to "go out"; China has become a new force in overseas investment. However, large-scale overseas investment mergers and acquisitions are based on financing facilities and debt expansion; the "financial sword" of the Chinese enterprises can be "the sword of the debt" as well. In the past two years, China's policy in foreign investment and financing has begun to change with the exacerbated capital outflow, devaluation of RMB exchange rate and sharp drop in foreign exchange reserves. Chinese enterprises, especially private enterprises are facing increasing pressures on debts and financing. If the policy is too tight, the overseas investment of Chinese enterprises will face the general debt risk, which will cause Chinese enterprises to be questioned again in the international market.