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Warning mechanism. Approved by the State Council in 2014, 10 Shanghai and other areas to carry out local government bonds also spontaneous self-pilot. From 2014 the experimental situation, in accordance with the relevant provisions of the pilot areas to carry out standardized credit rating and information disclosure will help promote open and transparent budget, improve budget management system; in accordance with the principles of self-organizing market government bond issuance in the region, the payment of interest and repayment of principal It eliminates behalf and also on behalf of the spontaneous generation of issuers and debt-service mode also the subject is not exactly the same problem, for the establishment of a reasonable standard of local government debt financing mechanism has accumulated valuable experience. Summarizing and analyzing the 2014 local government bonds spontaneously from further experimental work based on the experience, according to a new 'Budget Law' and the relevant provisions of the State Council, determine the general Bond all local governments in accordance with market principles spontaneous self also, issuance and repayment of the body for local government for innovation and improvement of local government debt financing mechanism, strengthen market discipline, control and resolve the local debt risks is important. Question: 'approach' compared to the 2014 local government bonds also spontaneous self-pilot approach, mainly what adjustments? A: Compared with the 2014 local government bonds also spontaneous self-pilot approach 'measures' mainly for the following main adjustments: First issued in accordance with the 'Budget Law' and the State [2014] No. 43, defined the general local government bonds Definition and source of repayment. The second is clearly the provincial, autonomous regions and municipalities in accordance with the borrowing limit of debt issued by the State Council, included in the Budget adjustment programs, newspaper session of the people's Congress Standing Committee for approval. Bond funds included in the general public budget revenue and expenditure management. The third is to enrich the bond maturities in 2014, five years, seven years and based 10-year varieties, an increase of 1 year and 3-year product by the local government reasonably determined by the demand for funds and bond market conditions and other factors, but issue size of a single term bonds may not exceed 30% of the general annual bond issuance scale. Fourth, a clear general bond market by the local government in accordance with the principle of spontaneous self also, the principles of openness, fairness, justice, distribution and reimbursement for local government body. Fifth, to further improve the pricing of bonds mechanism that requires the use of general interest bonds underwriting, really tender, etc.