Analysis Of Subnational Debt On The Perspective Of Local Governance

On the transition of china's reform,constracting the local governance is very important.On the process, the local debt and the local governance likes the twins.So, how to understand the relationship between them and extract the rules using each other as a frame of reference has the academic value and practical significance.Of course, each of the extracting is just a perspective on the reality, though is very important.The development of the local institution seems like the mountain-climbing, the climber or the the local residents can see more scenery from the valley to the top with the new risk.On the transition of the local governance with the abandon of the traditional security network, we will face more risks if we don't construct the newnetwork.I want to underline the following two points here:first, all the new institutions just play a role in a certain range with the possibility of the worst cases; second, we should avoid the ideologicalization of the governance innovative, treating the latest as advanced, which will leads to the breakage of the local government' behavior.On the transition of the local governance with the abandon of the traditional security network, we will face more risks if we don't construct the newnetwork.I want to underline the following two points here:first, all the new institutions just play a role in a certain range with the possibility of the worst cases; second, we should avoid the ideologicalization of the governance innovative, treating the latest as advanced, which will leads to the breakage of the local government' behavior.The theme of the article are as following questions:the stress of the local debt risk on the local governance; in the new form of the governance, the local government will face which debt risks? how the governance role will respond to it? what is the ought to be state of the debt rules? To these questions, the article has the following conclusions:1.on the one hand, the local public finance is the thread of the local public field, the local public debt reflect the sustainability and the trend of the localgovernance structure; on the other hand, local governance is the origin of the local public debt.2.the article adhere to the frame of actor—mode—tool, on the awake to the popular losing sight of the tool perspective.3.in the different mode of local governance, the way of liability behavior is different, which need different debt rules to supervise it.4.on the transition of the local governance, the origin of the local public debt has the continuity, from the exacerbation of the government' dual identity to the rising of the local liberal individualism.5.the transition of the local governance and the formation of the debt rules should be Synchronous, each of them will fail without the opposite support.