long term，The formation process of bet365 live casino games debt is considered within the framework of economics。Therefore，Research on bet365 live casino games debt is often seen as a purely technical process，The concentrated research direction is how to build a debt risk early warning system，How to formulate scientific fiscal and monetary policies, etc.。Accustomed to paying attention to bet365 live casino games debt issues from an economic perspective，Because bet365 live casino games debt is formed in the fiscal system，Exhibited as financial risk。Finance and finance are important components of macroeconomics，So it becomes logical to study the bet365 live casino games debt problem from the perspective of economics。

Facing the fierce research on bet365 live casino games debt problem in the field of economics，The field of public administration cannot give up on it。actually，The deep-seated answers to bet365 live casino games debt problems need to be found in the field of administration。Public administration activities are conducted around the allocation of financial resources。All political organizations and interest groups hope that the government will formulate policies to maximize their own interests in allocating financial resources。However，The scarcity of financial resources makes it impossible to meet the needs of the vast majority of political organizations or interest groups。Objective facts about the formation of bet365 live casino games debt，Explanation that borrowing debt is the best choice for local governments。Based on the perspective of public administration, explain the bet365 live casino games’s choice behavior from the two perspectives of “why it wants to” and “why it can”，Conducive to our more comprehensive understanding of the formation mechanism of bet365 live casino games debt。

　　Why are bet365 live casino games governments willing to borrow debt

bet365 live casino games officials in developed countries such as the United Kingdom and the United States are elected through elections，Therefore，bet365 live casino games officials chose the debt strategy to take advantage of the "myopia" of voters in their jurisdiction，Maximizing voters’ current welfare through debt。Due to the different administrative systems in our country，Some people think that the reasons why domestic bet365 live casino games officials choose to go into debt are different from those in the United Kingdom and the United States，That is, it has nothing to do with maximizing the welfare of residents within the jurisdiction，So bet365 live casino games officials are only responsible "upward" for borrowing debt，Instead of "downward" responsibility。This is actually a misunderstanding of the current triple principal-agent relationship between the people, the central government, and local governments in our country。

In our country’s administrative system，The "central-local" principal-agent relationship makes bet365 live casino games officials focus on local GDP、Financial revenue、Investment promotion and other activities to launch a "political tournament"。In this context，After taking office, bet365 live casino games officials will choose to increase investment scale in order to maximize their own interests，Loans of debt。This can be understood as the “upward” responsibility of bet365 live casino games officials。However，What is difficult to explain here is why bet365 live casino games officials do not choose to apportion or increase various taxes and fees to break the budget，But we have to choose the method of borrowing debt？actually，Most domestic bet365 live casino games officials used these methods in the 1990s，Resulting in various assessments、Indiscriminate charging occurs。

Therefore，We also need to introduce the current triple principal-agent relationship of "people-central-local" in our country to understand "why" bet365 live casino games officials are willing to be in debt。The central government is entrusted by the people，And entrust economic development and social management functions to local governments。This is the triple trust relationship of our current administrative system。Although this administrative system is very different from the progressive principal-agent relationship of "people-local-central government" in Western countries，However, the design of the following two mechanisms has effectively reduced the agency costs of local governments: First, the central government through vertical management agencies、Inspection groups and other forms are directly embedded in local affairs；Second, the central government through the Internet、Supervise local affairs through public opinion feedback such as letters and visits。Weigh the pros and cons between "improving the current welfare of the people within the jurisdiction" and "prohibiting the assessment of fees for the people within the jurisdiction"，Local governments must not only be responsible “upward”，At the same time, we must also be responsible "downward"，So our country’s local governments finally regarded borrowing as the best choice。

　　“Why can” bet365 live casino games governments raise debt

It’s not enough to understand “why” the bet365 live casino games wants it，You also need to understand “why” local governments can borrow debt。To this，Some scholars believe，The reason for the formation of local debt is that our country is a country in economic transition，The market economic system is still far from perfect。Admittedly，The imperfect market economy system is a main reason for the formation of bet365 live casino games debt in my country，But it will not be the root cause。Otherwise，We cannot understand the local debt phenomenon in some Western developed countries。For example，German local governments pass loans to public institutions with newly established independent budgets，The Danish bet365 live casino games will move the school、Government office buildings and other fixed assets are used as the subject matter of sale and leaseback for financing, etc.。These Western developed countries with very sound market economic systems，The borrowing behavior of its local governments is very similar to the implicit debt formation process of my country’s current local governments。

Therefore，The reality of market economy transformation is not enough to explain "why" our local governments can borrow money。With Germany listed above、The administrative systems of Denmark and other countries are similar，China is also a country with a unitary administrative system。Different from federal countries where there is a natural firewall between local debt and central debt，The central government of a unitary country bears unlimited joint liability for bet365 live casino games debt risks。It is the fundamental difference of this administrative system，Resulting in the central government becoming the “repayer of last resort” for bet365 live casino games debts。can be considered，The characteristics of the administrative system of a unitary country are the fundamental reason why our local governments can borrow money。

Actually，Since the reform and opening up，my country’s market economic system has been greatly improved，The boundaries of bet365 live casino games power are also becoming increasingly clear，But bet365 live casino games debt has always appeared in different forms。Similar to the current binding of bet365 live casino games debt and financing platform companies，1980s and 1990s，my country’s bet365 live casino games debt is closely tied to state-owned enterprises。Under the fiscal contract system at that time，bet365 live casino games performs housing through state-owned enterprises、Employment、Medical、Many social functions such as education and elderly care。In order to maintain the operation of state-owned enterprises，The bet365 live casino games not only provides subsidies to it regularly，And coordinate loans from financial institutions。At this stage，The reason why financial institutions are willing to lend，It is the bet365 live casino games credit behind these state-owned enterprises that we are looking for，And know that the “last payer” is the central government。

　Countermeasures from the perspective of bet365 live casino games science

Understanding the formation mechanism of bet365 live casino games debt in my country from the perspective of administration，It helps us to notice more general reasons，This will help us formulate more precise strategies for effective management of bet365 live casino games debt。

Improve the incentive mechanism for the question "Why do you want to"。We must make full use of the "central-local" principal-agent relationship，bet365 live casino games officials are proactive in conducting “political tournaments” based on superior assessment indicators，Appropriately adjust the indicator assessment system。From a management perspective，A single assessment indicator is convenient for superiors to assess，It is also convenient for subordinates to operate，Can effectively reduce the management costs of superiors。However，A single assessment indicator system will in turn increase the agency costs of subordinates，Performed by subordinates sacrificing other indicators in order to achieve the performance of a single assessment indicator。For example，Sacrificing the local environment in order to achieve superiors’ assessment of GDP growth、Financial sustainability。To this，Assessment for local governments，We must continue to focus on a single indicator，Enrich other auxiliary indicators such as bet365 live casino games debt scale，Form a complete indicator assessment system。In specific practice，The central government can either use vertical management agencies、Special inspections and other forms are directly embedded in local debt management affairs，You can also use public opinion on the Internet、Expert consultation information feedback to monitor bet365 live casino games debt。

Improving the constraint mechanism for the question "why?"。We must make full use of the advantages of the unitary administrative system，Strengthen administrative constraints on various stakeholders involved in local debt。Although under the unitary administrative system，It becomes easier for local governments to borrow because the central government serves as the “repayer of last resort”，However, the absolute authority of the central government can effectively deter "illegal borrowing" by various stakeholders through efficient administrative orders。On the one hand，Prevent the financialization of fiscal risks through strong deterrence。The central government can pass efficient administrative orders、Strict accountability mechanism to restrain bet365 live casino games officials’ borrowing behavior。The current main task is to make implicit debt explicit，Leaving bet365 live casino games officials with no room to “flexibly” borrow debt。On the other hand，Preventing the fiscalization of financial risks through strong deterrence。Under a single administrative system，Fundamentally put an end to the illusion that "when local governments encounter debt risks, the central government will cover them"，Thus achieving ex-ante and in-process supervision of the bet365 live casino games debt loan business of financial institutions。Through a two-pronged approach，Building a road to effective governance of bet365 live casino games debt。

　　(This article is a phased result of the National Social Science Fund project "Research on the Financial Supervision System Based on Effective Governance of bet365 live casino games Debt" (18BZZ081)

(Author’s unit: Decision-making Consulting Center bet365 live casino games Party School of Jiangxi Provincial Committee bet365 live casino games Communist Party of China、Xiamen University School of Management)