When the rapid economic growth gave

When the rapid economic growth gave rise to the optimistic expectations of market participants, corporate liabilities continued to increase and the scale of production further expanded. At the same time, the increase in asset value brought about by the rise in asset prices has further promoted the expansion of the scale of corporate liabilities, and the level of corporate leverage has begun to rise. When the economy enters a recession and depression phase, economic growth has gradually slowed down, the output and income of the corporate sector have fallen, high debt problems have gradually surfaced, default risks have begun to be exposed on a large scale, resulting in a large number of non-performing assets, and the economy has been forced to enter a downward deleveraging stage .