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China's local government high debt and high leverage rate status has been suffering from social concern, which has been made a fuss by the Western credit rating agencies, to promote the "China's debt crisis theory". In this paper, the systematic financial risk theory, financial risk and financial risk linkage theory, the financial soft restraint theory are used to makes some assumptions on the source of Chinese local government debt, and an empirical analysis of the hypothesis is conducted further. According to the results of the empirical analysis, the corresponding normative analysis and policy suggestions are provided, to provide some prospects for the future of China's local government debt.

An Economic Analysis of China’s High Debt—Taking Local Government’s Financial Debt Risk as an Example