近年来,地方债问题愈演愈烈,不仅严重影响到政府信用,也不利于经济发展,受到国内外各界的普遍重视。本文避开讨论危机爆发的可能性以及一旦爆发的应对措施,而是由浅入深,分析了地方债的历史和现实形成根源,存在的谜团(规模和利率)以及风险(风险积累,债务逾期加重;偿债来源不稳定,地方政府收入减少;融资方式不规范,风险放大;市场不透明,存在大量隐性负债),最后提出了治本和治标的对策,以期理清当下地方债务问题,避免危机进一步扩大。 In recent years, the issue of local debts intensified, not only seriously affecting the government credit, but also not conducive to economic development, universal attention from all walks of life both at home and abroad. This article avoids discussing the possibility of an outbreak of the crisis and the response to the outbreak. Instead, it analyzes the root causes of the history and reality of the local debt. The mystery (size and interest rate) and the risks (risk accumulation and debt overdue) ; The source of debt repayment is unstable, the revenue of local governments is reduced; the financing methods are not standardized and the risks are magnified; the market is not transparent and there are a large number of hidden liabilities); finally, the countermeasures of root-cause and pest control are put forward in order to sort out the current local debts and avoid the crisis expand.