Abstract:Socialism with Chinese characteristics enters a new era，It is imperative to promote high-quality development，At this new historical point，Discussing China’s future development path only from the perspective bet365 sports has shown great discomfort。From the perspective of the central government，By exploring the central and local fiscal game process to observe how the central fiscal reform goals are gradually realized through its top-level design，And take the reform of local debt repayment method as a typical case，Using the difference-in-difference method to conduct an empirical test on the process and effects of the central government’s top-level design。Research findings，The central government is based on top-level design，Based on observation and judgment bet365 sports behavior，Adjust the empowerment method in a timely manner，Finally promoted the realization of the reform goals。This is a guide for understanding the financial game between the central and local governments after the reform and opening up，Provides a new perspective。

　　Keywords:Financial game between central bet365 sports Central Government Top-level design Local debt Local fiscal risk

Author Lu Wei，Professor, Institute of Economic bet365 sports, Dongbei University of Finance and Economics (Dalian 116025）；Zhou Jiayin，Doctoral candidate at the Institute of Economic bet365 sports, Dongbei University of Finance and Economics (Dalian 116025）；Lu Yi，Professor, School of Economics and Management, Tsinghua University (Beijing 100084）。