How should we understand the "gray rhino" phenomenon of China's financial system? Wang Zhijun, director of the Leading Group for Financial and Economic Affairs office, said that "gray rhino" generally refers to a major problem that shows early sign but does not receive enough attention, resulting in serious consequences or events. Now the "gray rhino" risks include shadow banks, real estate bubble, high leverage of state-owned enterprises, local debts, illegal fund-raising and other issues.