At present, the leverage ratio of China's real economic sector is too high, and the real corporate sector should be the focus of deleveraging. If we do not center on reducing the excessive leverage of non-financial enterprises, revitalizing the real economy is just empty talk. According to the requirements put forward in the government work report, it is suggested that the policy measures to reduce the leverage of the real enterprise sector should focus on the following aspects: firstly, cut overcapacity and eliminate zombie enterprises through competition policies and environmental protection policies; secondly, for the enterprises temporarily trapped in the low demand cycle, use market-oriented and legal methods to implement debt for equity swap and increase the capital ratio of enterprises; thirdly, vigorously develop equity financing, reduce the proportion of indirect financing and increase the proportion of direct financing; fourthly, firmly harden the budget constraints, financial leverage constraints and management on enterprises, especially state-owned enterprises; fifthly, strengthen the management of local government financing platforms.
