To promote the normal circulation of real estate and finance, the key is to grasp the "degree". We should work from both supply and demand sides to "slow down" and ease the liquidity tension. We should grasp the key points, cure diseases and eliminate root causes, further improve relevant systems, enhance the accuracy and stability of policies, and seek market balance in dynamic adjustment. The normal circulation of real estate and finance is related to the healthy operation of the national economy. Recently, a number of financial management departments said that they would promote the normal circulation of finance and real estate. We must do a good job of "ensuring the delivery of buildings, people's livelihood and stability" to meet the reasonable financing needs of the real estate market; Adhere to the orientation of "no speculation in housing and housing", and implement differentiated housing credit policies based on urban policies; Promote the smooth transition of the real estate industry to the new development model. The real estate industry and financial industry are systemically important industries. The former is the pillar industry of the national economy, and the latter is the blood of the real economy. The real estate chain is long and covers a wide range, accounting for about 7% of GDP, and the construction industry accounts for up to 14%. Finance is related to the core competitiveness of a country, and financial security is an important part of national security. At present, the relationship between real estate and finance is relatively high. Real estate loans and loans with real estate as collateral account for 39% of the total loan balance of the banking industry. It can be seen that if the real estate and financial circulation are blocked, it is easy to cause spillover risk, and even may cause systemic risk. To promote the normal circulation of real estate and finance, the key is to grasp the "degree". Taking real estate loans as an example, first of all, we cannot demonize them. We must recognize that a reasonable and moderate growth rate of real estate loans helps to promote national economic growth, and also helps to meet the rigid and improved housing needs of home buyers. Secondly, everything is too much. Previously, the real estate market had experienced the problem of "excessive financialization". On the one hand, most real estate enterprises suffer from "three high" diseases, high debt, high leverage and high turnover; Many real estate enterprises scramble to layout and rush into the financial field, such as investment, shareholding commercial banks, insurance institutions, trust companies, etc. On the other hand, personal housing loans grew rapidly, and the leverage ratio of the residential sector was high; In addition, some illegal and illegal acts have increased the risk, such as consumer loans and business loans flowing into the property market in violation of regulations. How to grasp the "degree"? It should be realized in dynamic adjustment. The market cannot always be fixed in a perfect equilibrium, and "over" and "under" are the norm, but the financial management department should try to reduce the error between the two through precise regulation. Risk reduction is a top priority. Since the second half of 2021, the main reason for the risk exposure of some large real estate enterprises is the liquidity tension of real estate enterprises. First, affected by the epidemic, the sales of real estate are relatively sluggish and the collection is not smooth; Second, the original high-leverage financing mode of real estate enterprises is limited, and the inherent risks are exposed rapidly, such as poor management and unhealthy assets and liabilities; Third, financial institutions have been too risk-averse, which once hurt the reasonable financing needs of real estate enterprises, and finally led to the intensification of the liquidity tension of real estate enterprises and fell into a vicious circle. In order to reduce risks, we should make efforts from both sides of supply and demand, and "slow down" to ease the liquidity tension. On the supply side, we should not only appropriately "blood transfusion" to meet the reasonable financing needs of real estate enterprises, but also prudently "surgery" to promote industry mergers and acquisitions in a market-oriented way