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Local government bonds issued government debt borrowing manner. In order to implement article 43, the Ministry of Finance in late October 2014 and supporting documents issued 'stock of local government debt under budgetary management clean-up screening measures,' the first clear what debt by the company responsible for the debt attributable to local government which eventually become local direct government debt. According to Ministry of Finance issued a screening approach, local government debt will be divided into four categories: general debt, that project is not revenue, the main source of debt-repayment plan general public budget revenues; the special debt that project has certain benefits, debt plan With project revenue sources corresponding income or special revenue fund of the government, enabling the risk of internal debt; hybrid debt that the project has some benefits but the project benefits not fully covered, partially covered can not be included in the general debt, the rest of the column the special debt; through PPP model (cooperation between the Government and social capital) into corporate debt, not included in government debt. During the two sessions this year, the Ministry of Finance said that the approval of the State Council recently issued the stock of debt one trillion yuan of local bonds the amount of displacement, allowing local part of the cost of debt due to lower interest rates to convert local government bonds. The so-called replacement, is screening in the stock of Treasury debt on the basis of the original financing platform on behalf of the Government financial products, bank loans, short-term, high-interest debt is replaced with a low-cost, long-term debt. Currently, a number of local governments to bank loans is about to expire, typically 3-5 years, if by replacing the term can be extended, for example, replaced 7 years, 10 years, then the debt will reduce the liquidity risk. According to the Ministry of Finance issued local debt stock of one trillion yuan bond amount of displacement is estimated that if the high cost of debt maturity to convert a portion of local government bonds, as government bond interest rates are generally low, calculations of local government a year to reduce the interest burden 40 billion to 50 billion yuan. According to the national debt at the end of 2013 audit results show that in 2015 there will be 1.9 trillion yuan of local government bear the responsibility to repay the debt maturity. In addition, local governments bear due responsibility and debt guarantees a certain relief responsibilities were 319.8 billion yuan and 599.5 billion yuan. From