关键词：政府信用 地方财政 地方政府债券
Local government bond is the loan certificate by local government representatives within the jurisdiction of residents to the social debt to build the local utility .U.S subprime mortgage crisis triggered by the negative impact of the international financial crisis on China is gradually revealed, faced with severe economic downtown and tense, our budget situation, the Ministry of Finance on a large scale increase in government investment through issuing treasury bonds. In order to clear the central and local responsibility, local governments have also arranged for matching funds, and issuing local government bonds which is a fairly standard way. The proportion of local government expenditure is rising and the lack of coordination financial authority make local governments into huge financial difficulties，and various regions of China，at all levels of local government mostly in varying degrees，debt or debt management，and its type is beyond imagination. The Chinese government this year firstly issued local government bonds by the Ministry of Finance and is responsible for agency debt service credit, it closes to the national debt and has become an important measure of maintaining the growth target, and also makes our country take a crucial step in the feasibility and necessity of municipal bond. At the same time, but also exposed many of the problems of our country in the development of municipal bonds.
Keywords: government credit; local financial; Municipal bonds