In recent years，the leverage ratio of China’s economy has been rising，especially the leverage ratio of state-owned enterprises，which may lead to systemic financial risks. In the context of China’s economic downward pressure，if the leveraging rate of the state-owned enterprises continues to rise，the more risks will be increased. Once the risk breaks out，the economic and social turbulence will be caused，and the consequences may be comparable to the “lost ten years” in Japan. Leverage，especially the leverage to state-owned enterprises，is pressing. There are many reasons for the high leverage ratio of the state-owned enterprises. The process of the state-owned enterprises to go to the bar is the process of structural adjustment，and it is also a process of pain. It must be carried out carefully and carefully，to prevent the chain reaction caused by the deleveraging and even the financial risk. We should deepen the reform of state-owned enterprises and finance to establish a long-term mechanism of deleveraging，and eliminate the rebound of leverage.