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True colors, so instead help improve the efficiency of local government financing, and reduce costs. 'The report mentions, according to article 43, want to clean up local government financing platform, which means that in the past both enjoy high-interest corporate bonds, local governments have endorsed credit' varieties 'city to vote bonds will exit the stage of history However, the report presents the 'city to vote bonds' get to the root, to build China's version of 'municipal bonds' proposal, according to the audit report, as of June 2013, 10.89 trillion yuan in local government bear the responsibility to repay the debt, corporate bonds, medium-term notes and short-term financing bills total 528.906 billion yuan, accounting for 4.86%. When coupled with 614.628 billion yuan of local government bonds, totaling 1.14 trillion yuan, accounting for 10.5%. Although the body of a greater amount of the bond, but the proportion is relatively small. in contrast, the situation is very different from the United States. As of the end of September 2014, total US $ 5.01 trillion of local government debt, including municipal bonds 2.89 trillion US dollars, accounting for 57.7%, pension funds payable US $ 1.29 trillion, accounting for 25.7%, commercial payables 816.2 billion US dollars, accounting for 16.3%, loans to only $ 16.5 billion, accounting for 0.3% report that, in large part because local government capital expenditures long term, and only able to provide long-term bond debt, the bank is difficult to provide large amounts of long-term loans report, think digital contrast brings are: First, the establishment of a government bond-based lRG financing mechanism directions right. Second, the city voted bonds have been paving the way for municipal bonds. China should work to improve the debt structure sources, reduce bank loans, but also in the city to vote bonds to its original, while increasing the proportion of bonds and reduce the shadow banking dependence. 'in fact, do not have to worry too much open to local government municipal debt hole, because most of the city to vote bonds and municipal bonds of nature in fact no different, just not to be treated in accordance with municipal bonds, to manage it. 'The report wrote. CASS member, former vice president Li Yang said the new old place needs to draw off the debt.' After no past financing platform, the allocation of some businesses, governments have given this budget, such balance sheet in the future there will be great changes. '