This chapter discusses the ongoing reforms and reforms needed to balance the roles of different institutions for the perfection of China’s bankruptcy market. Many institutions, such as the central government and people’s courts, compete to construe the bankruptcy laws or control the bankruptcy process of listed companies. The author argues that people’s courts are more proper to implement the bankruptcy law because of their impartiality, professionalism and legal competence. The protection of creditors’ rights to participation and to adequate information should be enhanced. The dominance of the liquidation-group administrator has brought many negative results to creditors and to bankrupt listed companies. The author, therefore, argues that the people’s court should reduce designating liquidation groups as administrators and that a bankruptcy professional market should be cultivated. Last but not least, the author proposes that the government should play a dominant role, outside of the bankruptcy process, in providing public services and create a supporting environment for enterprise bankruptcies and a complementary role in the bankruptcy process. If the roles of these institutions are properly balanced, the EBL can play a much better role in addressing enterprise bankruptcies.