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Greater than one year. We engage in any township board construction only pay the above taxes, wages cadres to pay debt interest payments two items, net loss of 10 million yuan annually countryside. Such grass-roots organizations and governments how to go running? 'From the 2013 audit results, although the total debt of township government reached more than 3640 billion yuan, accounting for local government debt but only about 3%, far lower than the other three levels of government debt ratio. This is one of the reasons, on the one hand since 2007, the central and local governments to take a clear debt obligations, measures to establish mechanisms to resolve financial awards complement the stock of debt, including the debt of rural compulsory education, rural public service system liabilities, township grassroots political power in institution-building and other liabilities; but more importantly, the new century, local government financing shift, a large number of local financing platform, Urban Construction investment company mushrooming, so city and county levels of government to replace the local township government become the subject of debt. 1994 , the central launched tax reform. this reform reduces the financial authority and powers of local government is increasing, leading to local government financial resources gap is growing, forcing the local government to find sources of funding through borrowing, according to Ministry of Finance data show that in 2012, the central fiscal revenue 5.592 trillion yuan, accounting for 49.5% of total revenue, local revenue 61,290 yuan million, accounting for 50.5% of total revenue; the central government expenditure of 6.4148 trillion yuan, accounting for the total fiscal expenditure 37.9%, local fiscal expenditure 10.5281 trillion yuan, accounting for 63.1% of total fiscal expenditure. under the previous 'budget law', local governments may not issue local government bonds, only with the express permission of the Ministry of Finance can be conducted liabilities, but species is difficult to obtain express approval. in response, the local government set up a number of internet companies. through these platform companies, local government to avoid financial constraints, were a liability. this risky practice in 2009 to become worse. this in order to weather the global financial crisis, China launched four trillion economic stimulus measures. this is a direct result of local government debt exponentially growth. Therefore, many economists believe that the current China's local government debt problem, is derived from that big scale stimulus plan