To further deepen the reform of the financial system, standardize the bank credit market, and strengthen the supervision and management of local branches of commercial banks and city commercial banks, it is necessary to put an end to the intervention of local governments in commercial banks within their jurisdiction and prevent commercial banks from becoming the "second finance" of local governments. At the same time, it is necessary to revise and improve the existing assessment and incentive system for government officials, especially for local governments with large local government debts. When the government replaces or replaces the principal responsible officials, it must undergo a strict debt audit to evaluate the efficiency of the use of funds during the term of office and for a period of time after leaving office, so as to reduce the transfer of debts from officials to their successors. Those who violate the rules and guarantee, waste and lose funds due to excessive borrowing, falsely report or conceal materials to maliciously obtain debt funds, and fail to repay the principal and interest on schedule due to dereliction of duty should be held accountable.
(2) Improve the capital market, strengthen financial services and gradually reduce debt leverage.
From the enterprise's point of view, in addition to debt write-down methods such as bankruptcy, for profitable enterprises with heavy debt burden, debt-to-equity swaps and mergers and acquisitions can be adopted to solve the problem of high debt by injecting funds from powerful enterprises. At the same time, it is suggested that the government should strengthen the capital market construction, give full play to the price discovery and price revaluation functions of the capital market, and provide a good market environment for the design, development and application of various equity and quasi-equity financing tools and products. The important goal of the future capital market is how to effectively connect household savings with the leverage of non-financial enterprises, deleverage at low cost, and achieve a win-win situation for both the supply and demand of funds.
(C) expanding domestic demand, stimulating consumption and promoting the balanced distribution of debt structure.
International comparison shows that the debt leverage of China's residential sector is at a low level, far lower than that of developed countries. The low debt ratio of Chinese residents is related to the conservative consumption concept and mode of "living within our means". At the same time, China's imperfect income distribution and social security system, and residents have no ability and motivation to borrow money, which is also an important reason for the low debt ratio of residents. From the perspective of improving the debt ratio of residents' departments, it is suggested that the government vigorously strengthen the livelihood security projects such as pension insurance, unemployment assistance and medical insurance, so as to improve the solvency and loan willingness of residents. At the same time, commercial banks and consumer finance companies can be encouraged to actively develop personal consumer credit and credit card business, improve the debt leverage of residential departments, promote the balanced distribution of debt, and promote the transformation of economic development momentum to consumption-driven mode by stimulating consumption.