In 2017, the National Audit Office spot-checked government debt management and found that by the end of March 2017, the debt balance promised by the governments of these regions to repay with fiscal funds increased by 87% compared with the end of June 2013, and some regions still had the problem of borrowing debts illegally after 2015. The reason for the difference between the growth rate of individual regions that is spot-checked this time and the overall growth rate is that the national audit adheres to the problem orientation, and the local government debt audit adopts a spot check instead of a comprehensive investigation.The 41% growth rate based on the mid-year data of 2013 precisely reflects that the local government debt risk has been fully reflected and controlled. Therefore, there is absolutely no evidence to support the conclusion that the risk of government debt in China is high. So far, China has established a complete set of local government debt management system under the framework of the new budget law system. Objectively speaking, China's local government debt management system is relatively tight, and great attention has been paid to risk prevention and control. Looking forward to the future, the national auditing offices should continue to adhere to the "problem orientation", focus on auditing new situations and new problems that may arise in local government debt, and make new contributions to improving the government debt management system.
