The aim of the report is to make an estimation of China's leverage ratio.

According to the Twelfth Five-Year Plan and work arrangement by the State Council on scaling up the pilot programs of VAT （value-added tax）for business tax， China's banking industry would have VAT reform completed by the end of this year.

With China's economy entering into the state of new normal, reform measures are vigorously advanced in different sectors.

Certain achievements have been made in China's financial reform so far, but breakthrough is yet to be made in addressing some deep-seated issues.

This paper aims at a quantitative measurement of the impact imposed by local governments' bond-for-debt swap program on listed banks.

This paper made an estimation of the capability of China's banking system.

Cross-sector operation has become the development trend for China's financial industry.