Since the financial crisis in 2008, the leverage ratio of China's non-financial enterprises and government departments has been on the rise. Compared with developed countries, China's leverage ratio is not high, but the potential risk is not small. First, there are more hidden liabilities. Second, debt growth is relatively fast. When it comes to deleveraging, we need to clarify the scope of deleveraging and the idea of deleveraging. While controlling the rapid increase in the leverage ratio of the non-financial sector, the leverage ratio of non-financial enterprises, especially stateowned enterprises, was mainly reduced. In this way, we will speed up supply-side structural reform, reform of state-owned enterprises, improve the direct financing mechanism, and standardize the leverage tools and approaches.