Li Yang, PhD in economics, CASS academician, member of the International Eurasian Academy of Sciences, President of the National Finance and Development Laboratory, and former vice president of CASS. His major research areas include banking, macroeconomics and finance. He has won the Sun Yefang Fiscal Science Awards five times, and the China Soft Science Award and Sun Yefang Financial Innovation Award in 2015.Zhang Xiaojing, researcher, deputy director, Institute of Urban Development and Environment, CASS, deputy director of National Finance and Development Laboratory. His main research fields include open economy macroeconomics, growth theory and development economics. Having been a visiting scholar at the Stockholm School of Economics, Harvard University, the (US) National Bureau of Economic Research and the International Monetary Fund, he has won Sun Yefang Fiscal Science Award twice, the China Soft Science Award in 2015, and the Sun Yefang Financial InnovationAward in 2015, among others. Chang Xin, researcher at the Institute of Economics CASS. Her main research interests are macro economy, public economy and system economy. She was a visiting researcher at the Department of Economics, Yale University from August 2004 to August 2005, with the support of the Ford Foundation. She has published two monographs and more than 20 papers in Economic Research Journal, Economic Perspectives, etc. and has hosted or participated in more than 10 projects supported by the National Social Science Foundation or by CASS.

• Chapter 1 Main Report.- Chapter 2 National Balance Sheet.- Chapter 3 Sovereign Balance Sheet.- Chapter 4 Whole Society Leverage Ratio.- Chapter 5 Local Government Balance Sheet.

Li Yang, PhD in economics, CASS academician, member of the International Eurasian Academy of Sciences, President of the National Finance and Development Laboratory, and former vice president of CASS. His major research areas include banking, macroeconomics and finance. He has won the Sun Yefang Fiscal Science Awards five times, and the China Soft Science Award and Sun Yefang Financial Innovation Award in 2015.Zhang Xiaojing, researcher, deputy director, Institute of Urban Development and Environment, CASS, deputy director of National Finance and Development Laboratory. His main research fields include open economy macroeconomics, growth theory and development economics. Having been a visiting scholar at the Stockholm School of Economics, Harvard University, the (US) National Bureau of Economic Research and the International Monetary Fund, he has won Sun Yefang Fiscal Science Award twice, the China Soft Science Award in 2015, and the Sun Yefang Financial InnovationAward in 2015, among others. Chang Xin, researcher at the Institute of Economics CASS. Her main research interests are macro economy, public economy and system economy. She was a visiting researcher at the Department of Economics, Yale University from August 2004 to August 2005, with the support of the Ford Foundation. She has published two monographs and more than 20 papers in Economic Research Journal, Economic Perspectives, etc. and has hosted or participated in more than 10 projects supported by the National Social Science Foundation or by CASS.

• Chapter 1 Main Report.- Chapter 2 National Balance Sheet.- Chapter 3 Sovereign Balance Sheet.- Chapter 4 Whole Society Leverage Ratio.- Chapter 5 Local Government Balance Sheet.

Li Yang, PhD in economics, CASS academician, member of the International Eurasian Academy of Sciences, President of the National Finance and Development Laboratory, and former vice president of CASS. His major research areas include banking, macroeconomics and finance. He has won the Sun Yefang Fiscal Science Awards five times, and the China Soft Science Award and Sun Yefang Financial Innovation Award in 2015.Zhang Xiaojing, researcher, deputy director, Institute of Urban Development and Environment, CASS, deputy director of National Finance and Development Laboratory. His main research fields include open economy macroeconomics, growth theory and development economics. Having been a visiting scholar at the Stockholm School of Economics, Harvard University, the (US) National Bureau of Economic Research and the International Monetary Fund, he has won Sun Yefang Fiscal Science Award twice, the China Soft Science Award in 2015, and the Sun Yefang Financial InnovationAward in 2015, among others. Chang Xin, researcher at the Institute of Economics CASS. Her main research interests are macro economy, public economy and system economy. She was a visiting researcher at the Department of Economics, Yale University from August 2004 to August 2005, with the support of the Ford Foundation. She has published two monographs and more than 20 papers in Economic Research Journal, Economic Perspectives, etc. and has hosted or participated in more than 10 projects supported by the National Social Science Foundation or by CASS.

• Chapter 1 Main Report.- Chapter 2 National Balance Sheet.- Chapter 3 Sovereign Balance Sheet.- Chapter 4 Whole Society Leverage Ratio.- Chapter 5 Local Government Balance Sheet.