In fact, delaying debt repayment not only does not help to truly resolve the debt risk of local governments, but in most cases, it has planted a more powerful time bomb  Once borrowing the new and returning the old has become the routine practice of local governments, the consequences are unimaginable
In view of this, the central government should take strong measures in time to stop local governments from singing the delaying tactic; Relevant ministries and commissions should also actively consider digesting local government public debt with the help of the capital market, introducing private capital by means of debt securitization and resolving debt risks; Local governments should also appropriately reduce their economic construction functions, realize equal financial and administrative rights, and fundamentally eliminate the living soil of excessive debt
Analyze the reasons for restricting the local government to postpone debt repayment