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Wai, encourage social insurance fund, housing fund, annuity, occupational pension, insurance companies and other institutional investors and individual investors in conformity with the provisions of the relevant laws and regulations, and general investment bonds. The following is the full text: Q: What is the 'approach' to develop the background? A: The new 'Budget Law' stipulates that construction investment of part of the funds by the provinces, autonomous regions, municipalities directly under the State Council approved the budget required, may be within the limits established by the State Council, through the issuance of local government bonds of debt borrowed the method of financing. 'State Council on strengthening local government debt management advice' (Guo Fa [2014] No. 43) proposed to establish a standard of local government debt financing mechanism for local governments to borrow government bonds to take the way. Public welfare unproductive development really necessary general government debt borrowing by local governments to issue bonds financing in general, mainly to the general public budget revenues to repay. In order to strengthen local government debt management, and regulate local government bond issuance and other general acts to protect the legitimate rights and interests of investors, according to 'Budget Law' and Guo Fa [2014] No. 43, developed a 'general local government bonds issued Interim Measures.' Question: 'approach' proposed a common bond by the local government in accordance with market principles spontaneous self also, it is how? A: In recent years, according to the Ministry of Finance has been combining guidance, 'open the front door, locked the back door, building walls,' the idea to improve local government debt management and bond issuance mechanism. 2009 for the implementation of the proactive fiscal policy, the State Council will allow local government to issue bonds in the amount approved by the State Council. At that time, the local government bond issuance channel has not been established, in 2009 and 2010 local government bonds by the Ministry of Finance, debt service agent. 2011 to 2013, approved by the State Council, Shanghai and other regional pilot in the amount approved by the State Department issued its own bonds, but still the Treasury agency debt service. Behalf and on behalf of spontaneous generation will also, at the same time promoting the smooth issuance of local government bonds, there are some problems, such as issuers and debt subject is not exactly the same, is not conducive to strengthening local government debt risk control awareness and responsibility, not to the establishment of a reasonable standard of central and local government debt management and risk