“去杠杆”是供给侧结构性改革的五大任务之一,是当前中国经济面临的重要挑战,也是关乎中国经济未来健康发展的关键。杠杆在哪里?主流观点普遍认为,目前我国非金融企业的杠杆率不仅高企,而且已经开始出现债券违约,值得警惕。形成杠杆的原因是多方面的,既与整体经济环境中内外需不足的双重压力有关,也与我国特殊的经济体制有关,还包括当前我国资本市场不够完善等方面的因素。成因不同,在去杠杆时就要因类施策。 “De-leveraging” is one of the five major tasks for supply-side structural reform. It is an important challenge currently facing the Chinese economy and also the key to the healthy development of China’s economy in the future. Where is the leverage? The prevailing view is generally believed that at present our non-financial companies leverage is not only high, and has begun to default on bonds, it is worth vigilance. The reasons for the formation of the levers are many. They are related not only to the dual pressures of insufficient internal and external demand in the overall economic environment, but also to the special economic system of our country. At the same time, the current capital markets in our country are not perfect enough. Different causes, in the case of leverage should be due to policy.