In 2017，there continued to be bear market，mainly affected by the following factors：Firstly，the bond market is under pressure from both inside and outside economy，with domestic growth increased and the federal reserve leading the global monetary tightening；Secondly，monetary policy is turned to be prudent “neutrally” with marginal tightening，which is bad news for bond market；Thirdly，tightening of regulation has amplified the short-term liquidity risks，such as the new regulations of asset management has changed the behavior of market institutions；Finally，with volatility of exchange rate and widening of interest rate differentials of bonds between China and the United States has pushed up bond rates in China. The growth of bond defaults scale of the new trend is much faster than the former two years since 2017，and has new characteristics as follows：firstly，with the financial de-leverage policies，financing of private enterprises which are highly dependent on external financing is restricted，and the proportion of default is significantly increased；Secondly，as the policy effect of financial deleveraging has changed from monetary tightening to a decline in the rate of growth of nongovernmental financing，bond defaults has exacerbated because of the contraction in off-balance-sheet financing；Thirdly，as policies such as the new regulations on asset management have been implemented，the policy effect has turned from marginal tightening of monetary policy to tightening off-balance sheet funds，some high-quality bonds with good liquid have been sold off；Fourthly，With the deepening of the marketization，the bond default disposal mechanism has been improved. In the first half of 2018，the overall bond market yield has fluctuated downward，affected by the central bank’s cut of reserve requirement ratio and not raising interest rates as the federal reserve，and the market capital was relatively loose compared with last year. There would be the peak of the maturity of non-financial credit bonds of enterprises in 2018. How to deepen the marketization process in an orderly manner，and meanwhile to reduce the risk of bond default within a controllable range to avoid the outbreak of systemic financial risk or regional debt risk，and to be good for the long-term development goal of marketization will be the key emphasis of future work.