How To Improve The Quality Of Economic Growth By Financial Deleverage

Since the financial crisis,in order to cope with the sustained economic downturn,various departments in China have begun to leverage.Promoted by financial leverage,China's economic growth has achieved remarkable results,but the accompanying financial risks continue to emerge,which has brought great impact on China's economic development.In order to improve the efficiency and stability of China's economic growth,in December 2015,‘deleveraging' was first proposed as one of the tasks of structural change on the supply side.The report of the Nineteenth National Congress pointed out that the implementation of supply-side structural reform requires us to improve the financial structure,enhance the efficiency of financial resource allocation,prevent and control financial risks,and promote the sustained and healthy development of finance.At present,the process of deleveraging in China is still deepening.It has certain practical significance to evaluate the effectiveness of deleveraging and to further explore how to improve the quality of economic growth.Firstly,this paper elaborates the research background and main research contents,and establishes the research goal of further tapping the path of financial deleveraging to improve the quality of economic growth.Secondly,this paper combs the financial deleveraging and the quality of economic growth from the theoretical level,and constructs an index evaluation system for the quality of economic growth from the efficiency of economic growth,the stability of economic growth and the prospects of economic growth.At the same time,we analyze the current situation of financial deleveraging and the quality of economic growth,and summarize the ways of improving the quality of economic growth by deleveraging.Thirdly,the range method is used to standardize the data,and the principal component analysis method is used to integrate the indicators.The influence of the change of leverage rate on economic growth efficiency,economic growth stability and economic growth prospects is obtained by constructing the SVAR model.The conclusion is that financial deleveraging can improve the quality of economic growth through three paths: economic growth efficiency,stability and prospects.The specific performance is that financial deleveraging has a positive effect on economic growth efficiency in the early stage;financial deleveraging has a positive impact on the stability of economic growth in the late stage;and financial deleveraging has a positive impact on the prospects of economic growth.Finally,according to the empirical analysis results of the different impacts of financial deleveraging on the quality of economic growth at all levels,this paper puts forward corresponding policy recommendations: first,rationalize the capital structure of the real economy and improve the efficiency of economic growth;second,combine a number of economic policies to improve the stability of economic growth;third,improve the financial supervision system and enhance the prospects of economic growth.Under the circumstance that the research on how to improve the quality of economic growth by financial deleveraging in China is not deep enough,this paper conducts a more in-depth study through empirical analysis,and gives targeted policy recommendations based on the research results.The disadvantage is that due to the limited sample data and the short implementation time of deleveraging in China,...