In recent years, with a uncommon development of Chinese bond market , the credit default risk and the systemic financial risks of Chinese bond market are increasingly exposed. In order to control the risk , the regulators of Chinese bond market are confronted with the dilemma of the replacement of local government debt from “hard supervision” to “soft supervision” and the obstacles to the development of PPP model. To resolve the dilemma of controling risk in Chinese bond market needs to achieve a systemic mechanism with establishing a unified Internet bond market, the internationalization of the RMB. etc.