Administrative Approaches of the Local Government Debt in China:Cleaning the Stock,Innovating the System,and Strengthening the Supervision

In recent years,debt problem of the local financing platform companies has been highlighted,and risk has been accumulating.It is urgent to manage the local government debt following the principle ofcontrolling incremental debt,decreasing the debt stock.From the more long-term consideration,we should acknowledge the local government debt has somereasonable composition.Upon that,we should improve the fiscal relationships among the governments so that the financial resources of governments are in line with their respective responsibilities, we should also explore the local government bond inssurance system.Meanwhile,building local government debt management system and strengthening the supervision are the routine management means for local government bond.