Abstract: The Chinese economy in the new era has shifted from a high-speed development stage to a high-quality development stage. The supply-side structural reforms with the main task of "three goes, one drop and one supplement" have achieved initial
results. However, the phenomenon of high macro leverage ratio in China has not been fundamentally changed, and the problem of local government debt risk is particularly acute. Deepening the reform of the fiscal and taxation system, standardizing the de- velopment of the local government bond market, and establishing and improving the local government debt risk warning and supervision mechanism cannot be delayed.

Key words:  , local government debt risk, supply side reform, deleveraging