Comment on Billionaire investor Ray Dalio has a solution for China, but it'll need Beijing to radically remake its own rules

Ray Dalio, founder of Bridgewater Associates, is again promoting the idea that China should undertake a "beautiful deleveraging."Dia Dipasupil/Getty ImagesRay Dalio is again promoting the idea that China urgently needs to start a "beautiful deleveraging."The country is sitting on massive debt levels, and it's making businesses and people hold on to cash.To get the economy moving, Dalio said Beijing must free up indebted businesses and get them to borrow again.Billionaire investor Ray Dalio thinks China can save its economy through two major debt policies, though that would require big changes to how China has operated for years.However, the Bridgewater Associates founder said that if China does not enact them soon, the country risks suffering as Japan did in its "Lost Decade."In a LinkedIn post on Tuesday, Dalio wrote of what he called a "beautiful deleveraging," or an aggressive, two-pronged approach to solving debt issues.Dalio wrote that Chinese leader Xi Jinping's unprecedented stimulus sparked a "big week" for economic optimism, but it won't be enough.If China wants its big week to go down in the history books as a turning point to success, then Beijing has to "do what it takes, which will require a lot more than what was announced," Dalio said.What's a "beautiful deleveraging?"The concept isn't new for Dalio, whose company runs the biggest foreign hedge fund in China.