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The new director of the home often balance sheet Research Center that local debt risk overall control, the local government is basically insolvent liquidity risk does not exist. 'But at the same risk points of concern are: local government debt growth rate is still high; the financing structure tends to be complicated; repayment of debt coming due liquidity risk can not be ignored; local risk areas and sectors of concern; existing debt the foundation has some unsustainable; or debt exposure is expanding, 'Chang said the new. In the 2015 Annual Meeting economist NetEase summer forum, former chairman of the China Export-Import Bank Li Ruogu said on local debt, shadow banking, the problem is too much hype. But overall speaking, the Chinese government, including government debt across platforms is far lower than developed countries. 'From the mode of operation point of view, China's shadow banks and local platform is mainly used in the construction of infrastructure and the real economy, and not use social welfare.' Li Ruogu said the long term, increase its economic growth stamina should be good, should be a concrete analysis of specific situations, local government debt is indeed a problem and needs to address, but should not be hype. March and June this year, the Ministry of Finance issued local government bonds in two tranches replacement stock of debt limit each one trillion yuan. Replacement purposes are: to repay the audit determined as of June 30, 2013 the government bears principal debt due 2015 to repay the debt, a total of 1.86 trillion yuan. Premier Li Keqiang also behind this approach, he clearly pointed out: 'In China, local government debt does not bring direct payment of benefits, but mainly for infrastructure construction and other investment, there is a return we replaced each a debt. are issued by the central government, it can be said, is behind the central government's credibility and capacity. '' local debt exchange in solving short-term economic and financial burden of local government a lot of good, a 'hasty', also show a strong national financial resources. ' Li Wenhai said that debt replacement delayed payment of pressure on local government in the short term, but also reduce the interest burden on local governments. Local debt issuance replacement period is generally 3, 5, 7, 10, and the majority of the interest rate issue is quite bond yields over the same period, far below