Government implicit debt refers to the project expenditure outside the government budget, which belongs to the fiscal deficit. For example, a city has no conditions to repair the subway, but insists on repairing it, causing the government to owe money, affecting other municipal construction in the city, and the sewer is damaged and there is no money to repair it, resulting in street water accumulation. Therefore, the Ministry of Finance prohibits the existence of hidden debts in local areas and does not issue hidden debts.

What is the difference between government debt and implicit debt?

1, different definitions: government debt refers to government debt formed by bonds issued by the government at home and abroad or loans from foreign governments and banks; Implicit debt refers to the fact that in the planned economy period, the individual workers do not insure the old-age insurance, and the pension is promised by the state.

2. Different forms: government debt is in the form of bonds or loans; Implicit debt is the repayment of personal pension by the state.

3. Different functions: government debt is divided into central government debt and local government debt; Implicit debt mainly includes implicit debt of "old people" and implicit debt of "middle people".