China's debt risk has been repeatedly misinterpreted, particularly corporate debt risk. Generally, both local government sand corporate debt risks are lower than Western countries. China’s enterprises shoulder higher financial cost than those in the west who enjoy the advantages of value-added, besides encountering serious financial structural problem. The analysis from ANBOUND showed that China’s economic structure transformation and upgrading need more systematic plan and practical actions. The survival and development of Chinese enterprises require not only the strategic and systematic policies but also tactical systems and practices.