杠杆加减之间

Deleveraging or Re-Leveraging

去杠杆是过去两年多来我国经济运行的重要主线。近期随着经济下行压力增大,去杠杆已发生结构性变化,部门差异明显。在结构性去杠杆的基本思路下,国企加杠杆仍受到严格限制。民企方面,当前信用风险依然较高,短期内民企加杠杆仍面临较多困难。随着逆周期调节政策加码,政府和居民杠杆率增速将有所回升。整体看,杠杆率增速有望逐步抬升。

Deleveraging has been a major focus of China in the past two years. Recently, with the increasing downward pressure on the economy, deleveraging has undergone structural changes with significant differences across different sectors. Under the guideline of promoting structural deleveraging, state-owned enterprises are still strictly restricted in releveraging, in the meanwhile, private enterprises are also facing difficulties in re-leveraging in the short term as the credit risk is still high. As more counter-cyclical policies are deployed, the leverage level of government and household will pick up. Overall, the leverage ratio is expected to rise gradually.