Objective: To analyze the risks of health financing and the trend of health financing in Beijing. Results: Since 2006, the growth rate of Beijing government’’s health expenditure has slowed down, but the proportion to public finance budget expenditure has dropped. The social health expenditure has grown rapidly, but affected by the slowdown in employment related indicators, its growth is limited. The out-of-pocket expenditure to total health expenditure continued to decline, and the financing structure became more and more reasonable. Conclusion: If we want to maintain the downward trend of out-of-pocket expenditure, we still need to increase the government’’s investment in health.