What is the most important topic in the financial sector? In my view the top priority is how to maintain financial stability，specifically how to deleverage and defuse financial risk. In short，the aim is to prevent the arrival of a "gray rhino"- or an obvious danger that we ignore.

People are more familiar with so-called ¡°black swan¡± events，the unexpected developments that could trigger a crisis. Unlike the black swan，the "gray rhino" refers to a high probability of risk. There is a warning sign before disaster strikes，but it is often overlooked or neglected. Michele Wucker，an American economic and crisis policy researcher，first proposed the concept in her book，The Gray Rhino，published in 2016. The financial risks discussed in this article are，to a large extent，those gray rhino issues - seemingly far away but actually looming.

Defusing financial risk is an issue that is important to China and the world. China's current debt burden，which requires deleveraging through monetary policy，regulatory coordination and structural reform，has created a consensus on how to reduce financial risk. However，leverage is high not only in China，but also elsewhere around the globe.