| With the economy regionalizing and globalizing in the world that borrowing large sums of sovereign external debts offsets domestic shortage of capital has become different state means to accelerate economic development. As far as local sovereign external debts are concerned, on the one hand they can offset the lack of local construction funds, on the other hand they can introduce advanced techniques and managerial skills. Furthermore they can foster a large group of talents, which can powerfully support the development of provincial economy and domestic fact social. However, if local governments do not consider their own debt paying ability, risks to borrow large sums of sovereign external debts is self-evident, which is possible to become a primacord of local finance crisis broken out because the rigidity of repaying is very hard. Firstly this paper defines and classifies sovereign external debts and local sovereign external debts and sums their basic management theories from which four points of illumination have been concluded ,on the base of which local sovereign external debt risks are defined and their characters are described and then they are classified from different aspects and at last their manifestation is analyzed, which is base of this paper. Secondly in order to keep local sovereign external debt risks away actively this paper analyzes the causes of risks systemically and rationally from information asymmetry and local fiscal capacity and foreign loans policy and managerial system, which will suit the remedy to the case. Thirdly according to information discriminating model, a local fiscal capability appraising system has been established by means of AHP and efficacy coefficient method and fuzzy synthetic evaluation, and then an example of model is analyzed in Chongqing to offer application of the model. Finally, this paper gives some local fiscal capacity and foreign loans policy and managerial system measures aiming at preventing risks.
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