去杠杆的关键是补充资本金。主要应通过养老金融,尤其是第三支柱的个人账户来实现。其中关键是要结合个税改革。经济有四个部门:政府部门,这是负债的;金融部门,它的杠杆率是有限的,净资产也是相对少的,是受金融监管的;企业部门,它本来杠杆率就比较高;居民部门,有钱,而且全球都是这样,居民部门的财富远远超过企业部门,这是近20年来发生的意想不到 The key to deleveraging is to replenish capital. Mainly through pension financing, especially in the third pillar of personal accounts. The key is to combine a tax reform. The economy has four sectors: the government sector, which is debt-laden; the financial sector, which has limited leverage and relatively low net worth and is subject to financial regulation; the corporate sector, which originally had a higher leverage ratio; residents Department, rich, and global are like this, the wealth of the resident sector far more than the business sector, which is unexpected for nearly 20 years