Securitization has been normal in world modern economy activities and has a huge impact on modem economy. China started a pilot program of credit-asset securitization of banks in December 2005， and we are now learning the lessons and experiences fromtheU.S.sub-prime mortgage crisis.This article introduces the researches，discussions and pilot programs of Mainl and China in the recent 14 years analyzes the practical significance of asset securitization to the constructing of our financial system and presents six main aspects of risk-avoidance in asset-backed securities and credit-asset securitization in China.