High indebtedness expansion model is no longer working. With the discouragement of the Chinese government, financial policy, financing environment and the intensification of the market, the model of high debt expansion is not only outdated, but also represents huge risk. During the high-growth period of high debt expansion, a batch of rapidly expanding "fierce and stern" private enterprises and the bloated "dinosaur" state-owned enterprises have been cultivated. However, when the high-debt bubble burst, the Chinese market will experience a great reshuffle.