现行体制的问题在一系列中央和地方的财政与金融关系中(包括事权划分、财权划分、转移支付、地方债务、地方金融机构监管等),地方债务是最可能构成系统性和宏观风险的问题。从国内的经验来看,2009年以来地方平台债务大幅上升到GDP的20%左右,一些地方已经出现偿债风险;随着监管层收紧银行对平台贷款,2012年开始,地方平台开始转向以信托贷款等方 Problems of the current system Local debt is the most likely problem that poses systemic and macro risks in a series of fiscal and financial relations between the central and local governments (including the division of powers, division of financial power, transfer payments, local debt, supervision by local financial institutions, etc.) . From the domestic experience, the debt of local platforms has risen sharply to around 20% of GDP since 2009, and the risk of debt repayment has appeared in some places. As regulators tightened bank loans to the platform, local platforms started to shift from Trust loans and other parties