Credit market is the source of non-financial enterprises' debt financing in China, and it is also the key to solve the problems of leveraging and deleveraging. Based on the data of 5 977 non-financial enterprises credit from 2005 to 2015, this paper examines the heterogeneity of enterprises leverage in the credit market, the influencing factors of leveraging and the potential goal of deleveraging. It is found that bank credit has played a role in stabilizing leverage; large-scale, public owned and non local enterprises are more likely to increase leverage; however, the high leverage of large non local enterprises lacks the support of operating efficiency, so it is the focus of deleveraging. It is also found that bank-firm relationship and asset specificity have significant influence on leveraging. The results of this study provide a clear reference for enhancing coordination and accuracy of leverage governance in China.