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Account for a large proportion. However, the report stressed that although from the perspective of the balance sheet, the local debt risk overall control, but taking into account differences in trading assets can, especially taking into account the liquidity problems occupy absolute proportion of land assets, the net assets can not effectively scale as a measure of the standard of local government debt risk ability to resist. The report notes that the local government debt risk points of concern: 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. One of the authors of the report, the CASS Institute of Economics macroeconomic Ren Changxin main chamber, where debt repayment centralized liquidity risk is the risk of local government debt faced throughout most noteworthy. 'Compare two Audit Commission audit results, it can be seen to pay annual debt maturity profile is delayed, new borrowing the old situation there in recent years in response to liquidity risk, for old debt to a relatively clear and official endorsement, is not really capable of addressing the risks? in addition, refinancing pressure upward trend is of concern. 'she said. The report said China's relatively healthy balance sheet overall, but there are still risks on the local structure in which the local government high leverage is a major factor. Corresponding, China's household sector and the central government as well as increase the leverage of space. Based on this structure, the deleveraging process, try to resolve a partial risk adjustment via a lever shift lever to become a viable policy option. At present, local governments leverage was 42.7%, while the central government leverage rate was 15.1%. Therefore, the policy of the authorities to adjust their thinking is: where deleveraging, plus the central lever. Reported that this transfer objective possibility exists, the local debt exchange is an instance. In addition, the steering of policy liabilities of financial institutions (such as CDB) from local financing platform loans, is another form of the direction of the central transfer lever. To create a Chinese version of 'municipal bonds' 'Yes, when it comes to the city to vote bonds