CUHK consulting's state-owned enterprise reform experts believe that in a sense, reducing the leverage ratio of enterprises is an important foundation for steady growth. By improving the asset-liability structure of enterprises, steadily promoting market clearing, orderly carrying out market-oriented debt-to-equity swaps, vigorously expanding financing channels, striving to create a good market and policy environment, strengthening corporate debt constraints, helping enterprises to reduce their burdens and go into battle lightly, and laying a solid foundation for accelerating China's economic transformation and upgrading, improving quality and increasing efficiency. At present, the central government emphasizes that macro deleveraging is to control debt expansion, and the core is to prevent financial risks, especially systemic financial risks.