Local debt defaults have occurred many times. For example, from 2065438 to June 2008, the special asset management plan of Shouyu Optical Control 1, a special account subsidiary initiated by China Post Fund, was overdue, and the financing party was Guizhou Qiandongnan Chengtou Company. This product issued entrusted loans to the borrower Qiandongnan Kaihong Assets Operation Co., Ltd. (hereinafter referred to as Kaihong Assets) through Guizhou Bank Kaili Yingbin Sub-branch, and was finally used for the shantytown renovation project under the Qiandongnan government.