Since 2009, China's bond market has entered a golden period due to the impact of "RMB 4 trillion". However, ANBOUND research team thinks that in line with the deleveraging of real economy, the payment of “RMB4 trillion”means pushing the bond market into the cold winter and it is indeed a great setback.The setback is expected to continue in 2014 and the strategy of deleveraging at a high interest rate is rather questionable.