关键词: 地方政府, 债务扩张, 机制, 风险

Abstract: In recent years, China's local government debts are on the increase. In practice, these debts are institutionally expanding in nature. Even if statistics show that the actual debt level is still within the rational scope, the debts brought by institutional expanding continue to shoot up, so that the local government debts break the rational level faster than expected, causing a risk in debts and its irreversibility. At the same time, institutional expansion might boost financing against the rules, which is usually flexible and clandestine, thus becoming the main source of implicit debts for local governments. Since implicit debts are difficult to be counted, the current estimates of local government debts do not reveal the real conditions. Institutional expansion and implicit debts would magnify the scale of local government debts and debt risks, so it is necessary to find out the root cause of these debts in mechanism and regulate local government debts in an institutionalized way.