Mutual and joint guaranty have become an important reason behind distrust among enterprises.

From the perspective of normal fluctuations and structural adjustment of the economy, this paper redefines asset bubbles as a self-circulating system in some parts of the national economy, based on "unreal" factors.

The United States has experienced two major asset bubbles in the Internet and real estate.

China has grown into the world's largest factoring country for three major reasons.

Factoring refers to a financial instrument similar to a letter of credit or credit insurance, pledge of accounts receivable financing.

China is in a critical period of economic restructuring. Avoiding the negative effect caused by asset bubbles is important for the country to have a smooth economic transformation.

Economic transformation has some internal relation with asset bubbles and is likely to cause asset bubbles.