County-level local governments cannot borrow. The regulations for borrowing are as follows: 1. Only provincial-level governments such as provinces, autonomous regions, and municipalities directly under the Central Government have the right to raise debt through the issuance of local bonds; 2. The necessary funds in the budget of the province, autonomous region, and municipality approved by the State Council

Part of the funds for construction investment can be raised through debt issuance through the issuance of local government bonds within the limits determined by the State Council; 3. Local governments are allowed to establish various investment funds through separate investment or joint investment with social capital.

, implement standardized market-oriented operations in accordance with the law, and guide social capital to invest in key areas and weak links of economic and social development in accordance with the principles of maximum sharing of benefits and maximum risk sharing, and the government can appropriately grant profits; 4. Local governments are not allowed to borrow money

Capital contribution to establish various investment funds, various government-funded investment funds and other methods are illegal and illegal, and disguised borrowing.

Local bonds refer to bonds issued by local governments and local public institutions with fiscal revenue. They are debt certificates for local governments to raise funds based on the principle of credit and on the premise of assuming the responsibility to repay principal and interest.

It is issued as a form of fiscal revenue raising by local governments. Its revenue is included in the local government budget and arranged and dispatched by the local government.

Local government bonds are debt certificates used by local governments to raise funds based on credit principles and on the premise of assuming the obligation to repay principal and interest. They refer to bonds issued by local governments and local public institutions with fiscal revenue.

Like treasury bonds issued by the central government, local government bonds generally use the tax capacity of the local government as a guarantee for repayment of principal and interest.

There is generally a certain gap in local government finances, and with the economic downturn, tax revenue and extra-budgetary revenue from land sales have dropped significantly, which has had a certain impact on the safety of local government bonds.

Article 2 of the "Measures for the Disclosure of Local Government Debt Information" These Measures shall apply to the disclosure of local government debt information by the financial departments at all levels above the county level.

The term “local government debt” as mentioned in these Measures includes local government general debt and local government special debt; local government debt information includes local government debt limit, balance and other information within the scope of budget and final accounts disclosure, as well as the issuance and existence of local government bonds outside the scope of budget and final accounts disclosure.

period, major events and other relevant information; major events refer to relevant matters that may cause increases or decreases in the investment value of local government general bonds and special bonds and affect the legitimate rights and interests of investors.