In 2018，the defaults of bond market have become normal gradually：comparing with 2017，the annual bond default rate has doubled in 2018；AAA level credit bond defaulted，and the industry and regional concentration of bong default decreased；the default range spread from small to medium-sized Enterprises and even listed companies；beliefs of City Investment Credit Debt got broken；local government debt regulation has become stricter than ever before，and financing platform related products have defaulted frequently；liquidity risk of bond market has spread to small and medium-sized banks，and the risk exposure of Baoshang Bank has made it fully taken over by the China Banking and Insurance Regulatory Commission. The default rate of bond defaults in the first half of 2019 has slowed down compared with last year，but the number of defaults is still quite large. In 2019，it will met the peak of the maturity of non-financial credit bonds. The default risk in the bond market of listed companies still needs to be highly concerned.As for the trend of bond market interest rates，China’s bond market has experienced generally a shock in 2016 and a bear market in 2017，then rebounded and bond yields fell sharply in 2018 affected by factors such as the economic growth rate declined，Sino-US trade frictions warmed up，and monetary policy remained stable and marginal easing in 2018. In contrast to the performance of the bond market，the stock market performed extremely poorly in 2018，and it led to an obvious decline in the convertible bond index. At present，the reform of the financial supply side has entered a critical period. We must continue to adhere to the supply-side structural reform as the main line，grasp the rhythm and intensity of de-leveraging，promote the marketization process in an orderly manner，and control the bond default risk within the controllable range to avoid outbreaks of systemic financial risk or regional debt risk.