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以“债务余额／GDP”度量杠杆率，根据付息原则、居民原则、全面性原则、一致性原则、实质重于形式原则和可得性原则，从供给方视角确定债务的测算口径，对近年来中国全社会杠杆率及金融部门、政府部门、居民部门和非金融企业等分部门杠杆率水平进行了测算。测算结果呈现出3个特点：一是杠杆率显著上升。2014年末，全社会、金融部门、政府部门、非金融企业和居民部门杠杆率各为213．1％、22．7％、73．7％、109．2％和38．0％，分别较2008年末提升74．0个、6．2个、24．5个、31．3个和20．0个百分点。二是不同部门加杠杆幅度差异显著，非金融企业、地方政府和居民部门是加杠杆的主力。三是中央政府和居民部门杠杆率仍相对较低，具有较大的加杠杆或杠杆转换空间。","We measured leverage rate based on the “balance of the debt/GDP”,and we ensured the measuring the diameter of the debt from the perspective of suppliers according to the service principle, the principle of residents,overall principle,the consistency principle,the principle of substance over form principle and availability principle,and we calculated the level of leverage China’s whole socie-ty leverage and financial sector,govement departments,residents and bisected non-financial corpo-rate departments in recent years.The calculated result presents three characteristics.One is that le-verage get a remarkble rise.At the end of 2014,the leverage of the whole society,the financial sec-tor,govement department,the department of non-financial companies and residents are 213.1%, 22.7%,73.7%,109.2% and 38.0% respectively,and are more that at the end of 2008 in 74.0, 6.2,24.5,6.2 and 20 pecent respectively.The second is that significant difference is found in dif-ferent departments and leverage amplitude,and the non-financial corporations,local govement andresidents are the main lever.The third is that leverage of central govement and residents sector is still relatively low and has greater leverage or lever transformation space.