Debt of state-owned enterprises in China has exceeded RMB 100 trillion. In the past ten years, total assets of state-owned enterprises increased by 337%, total liabilities by 395%, total revenue by 159% and total profits by only 60%, while China's GDP grew by 190% over the same period. Data comparison shows that state-owned enterprises are very inefficient types of economic organizations. Even more alarming is that the high debt of state-owned enterprises is not only a problem for micro-enterprises; it also brings about macro-financial risks.