The topic of how to manage government debt risks was undoubtedly a popular topic in this year's "two sessions". From ANBOUND research team’s point of view, China faces difficulty to speed up balance sheet preparation due to government’s difficulty to accurately discern its relationship boundaries with the markets, enterprises, local governments and residents. It is the world’s toughest issue when it comes to constraining government debts, under this huge systematic process of constraining government debts, the preparation of government balance sheet is just one small step. The constraint of government debts during economic growth should be treated as an iron law and confirmed by the legislation.