The fifth national financial work conference put forward that we should promote economic deleveraging, take the deleveraging of state-owned enterprises as the top priority, pay attention to dealing with zombie enterprises, continuously enhance the sustainability of financial services for the real economy, and strive to strengthen the real economy and curb the virtual economy. This shows at least three points. Firstly, besides the financial sector, the deleveraging is also carried out in the real economy. Secondly, we should take the deleveraging of state-owned enterprises as the top priority, and link it with the work of dealing with "zombie enterprises". Thirdly, in order to improve the sustainability of financial services to the real economy, the key task is to prevent the economic development to be separated from the real economy, and focus on strengthening the real economy and curbing the virtual economy.There are many reasons why the capital is not willing to flow into the real economy at this stage. The direct reason is that the real economy cannot earn the average social profit it should get, so the resources continuous flow into the virtual economic sector with higher profit rate, which results in the phenomenon of “economic development being separated from the real economy”. Another important reason is that the real economy itself has a serious phenomenon of excess capacity, high leverage and bubbles.
