Systemic risk，also known as endogenous risk，may result in financial crisis.This kind of risk can be transmitted in aspects of time and space dimension.Influenced by the interaction between economic fluctuation and financial systemic risk，liquidity risk plays a significant role in terms of time dimension，centering in interbank market and bond market.By contrast，when the risk is transmitted in the space dimension，major issues like real estate bubble，shadow banking risks and local government debt should be vigilant.Consequently，the prevention and control of systemic risks requires a global framework and system thinking method.Strengthening financial leverage's role should be given the priority.And an effective and long-term housing system should be set up based on the supply and demand relation.Moreover，the supervision of shadow banking system should be enhanced.And strict precautions must be taken against national enterprise bonds and local government bonds.Lastly，marketization reform should be promoted to relieve the resonance between home and abroad.