Abstract: The phenomenon of systemic financial leakage has existed for a long time in China economic transition. Its financial risks arising from the gradual accumulation of systemic risk once bound will be inevitable to block China's economic reform and the pace of development. Based on 2001-2012 years and 18 leakage related indicators, this paper uses principal component analysis verifying the two failures about systemic financial leakage. The article argues that resource allocation failures in credit markets are the main factor of market failures leakage, and the government's continued expansion is the main cause of financial leakage of government failure. As far as the systemic financial leakage developing trend to be concerned, the market failure trend is declining and the government The phenomenon of systemic financial leakage has existed for a long time in China economic transition. Its financial risks arising from the gradual accumulation of systemic risk once bound will be inevitable to block China's economic reform and the pace of development. Based on 2001-2012 years and 18 leakage related indicators, this paper uses principal component analysis verifying the two failures about systemic financial leakage. The article argues that low operation efficiency under the resources mismatch in credit markets are the main factor of market failures leakage, and the government's continued expansion is the main cause of financial leakage of government failure. As far as the systemic financial leakage developing trend to be concerned, the market failure trend is declining and the government failure trend is increasing. The paper suggests that in order to eliminate systemic financial leakage we should break up the financial monopoly and deepen financial reform to strengthen the role of market mechanisms; the other hand, the government should address the unbalanced incentives and constraints, making the government abide by the "night watchman" in their own functions.